Politics and Economy of South Korea

Flashcards on the Politics and Economy of South Korea

Political Economy

The interaction of political and economic systems in shaping national outcomes.

Developmental State

A state that strategically directs economic development, often through intervention and industrial policy.

Four Models Explaining Korea's Development

Market, State, Network, and International System

Miracle on the Han

South Korea's rapid economic transformation from the 1960s onward.

Role of Confucianism in Korea's Growth

Emphasized discipline, education, and hierarchy, supporting development.

Major Reform Eliminating Korea's Feudal Landlord System

The Land Reform after 1945.

South Korea's Strategy Post-ISI

Shift to export-oriented industrialization.

Role of Chaebols in Korea's Development

Large family-run firms that drove industrialization and exports.

Economic Transformation Between 1985-1994

Korea posted an average growth rate of 7.8%, among the world's highest.

Crisis Impacting Korea in 1997

The Asian Financial Crisis.

Cause of Korea's Financial Collapse in 1997

Short-term foreign debt, corporate overexpansion, and weak regulation.

How International Systems Benefited Korea During the Cold War

The U.S. and Japan provided aid, trade, and tech transfers for strategic reasons.

'Getting the Prices Wrong' (Amsden)

The state's strategic price distortion fostered development.

Main Economic Philosophy in Early Korean Growth

Mercantilist and statist capitalism, not neoliberalism.

How South Korea Joined the Global Elite in Development

Became a member of OECD's Development Assistance Committee (DAC) in 2009.

South Korea's First President

Syngman Rhee (1948-1960).

What Ended Syngman Rhee's Rule?

The April Revolution in 1960 due to electoral fraud and repression.

Political Shift Occurred in 1987

Transition to direct presidential elections.

Term Length and Limit for a South Korean President

5 years, no re-election.

Korea's Legislative Body

The National Assembly (unicameral, 300 members).

Role of the Constitutional Court

Reviews constitutional disputes and impeachments.

Two Key Freedoms in Article 21 of the Constitution

Freedom of speech and press.

What Does Article 119(2) Allow the State To Do?

Intervene to prevent market domination and promote balance.

What Caused the Decline of Wage Worker Movements in Early Korea?

Anti-communist repression after the Korean War.

How Did Rural Support Shape Korean Politics?

Rural voters supported conservative ruling parties, creating a rural-urban cleavage.

Multiculturalism

A policy that accommodates diverse cultural and ethnic identities.

Who Argued for 'Group-Differentiated Rights'?

Will Kymlicka.

Difference Between Nation and State

Nation = cultural group; State = sovereign political unit.

What Did MIPEX 2020 Reveal About Korea?

Korea scored low in integration of migrants.

Interculturalism

Promotes dialogue and interaction across cultures, not just coexistence.

Who Argued 'Culture is Destiny'?

Lee Kuan Yew.

Lee Kuan Yew's Core Beliefs

Emphasis on order, discipline, family, and societal over individual rights.

What Did Kim Dae Jung Argue About Asian Values?

They are compatible with democracy, not inherently authoritarian.

Which Asian Thinker Highlighted Tonghak as Democratic?

Kim Dae Jung.

Asian Critique of Western Democracy

Too individualistic and undermines societal harmony.

Effect of Globalization on Korea's Economy

Made it vulnerable to global financial shocks, like the 1997 crisis.

What Caused Corporate Failures in Chaebols During the 90s?

Overexpansion and reliance on borrowed money.

How Did Korea's Financial Liberalization Contribute to Crisis?

Led to short-term debt dependence and weak supervision.

'Network Corruption'

Collusion between state and business that leads to inefficiency and rent-seeking.

Key Political-Economy Lesson from Korea

Institutions, not just culture or geography, drive development and crisis.