Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
The first English-language history of Korea to appear in more than a decade, this translation offers Western readers a distillation of the latest and best scholarship on Korean history and culture from the earliest times to the student revolution of 1960. The most widely read and respected general history, A New History of Korea (Han’guksa sillon) was first published in 1961 and has undergone two major revisions and updatings. Translated twice into Japanese and currently being translated into Chinese as well, Ki-baik Lee’s work presents a new periodization of his country’s history, based on a fresh analysis of the changing composition of the leadership elite. The book is noteworthy, too, for its full and integrated discussion of major currents in Korea’s cultural history. The translation, three years in preparation, has been done by specialists in the field.
Throughout the last several decades, Korean companies have become strong global competitors in a wide range of manufacturing industries. How did they achieve this exceptional performance? The Evolution of Tiger Management uncovers the secret of their success through a comprehensive analysis of Korean-style management. It explains how it has developed, why it works so well, what non-Koreans can learn from it, and what Korean companies need to do to stay competitive in the future. This book is an extended and significantly updated new edition of Tiger Management: Korean companies on world markets (Routledge, 2012). It tells the remarkable stories of how Korean firms, seemingly coming from nowhere, have successfully challenged their Western and Japanese competitors globally. A new chapter highlights the rise of Korean venture firms and start-ups. Next, the essence of Tiger Management is analyzed by showing that it consists of an effective combination of business strategy, leadership, and human resource management practices. Finally, the evolution and future of Tiger Management is discussed by showing how Korean companies have adapted to changes at home and abroad, and how non-Korean companies can adopt Tiger Management. A new final chapter discusses the way forward for Korean companies.
Preface Chapter 1 Foundation of the Bank of Korea Chapter 2 The Bank of Korea Act Chapter 3 Organization and Functions of the Bank of Korea Chapter 4 Economic Development and the Bank of Korea Chapter 5 The Future Trajectory and Challenges of the Bank of Korea
Entrepreneurship in Korea offers a fresh perspective on entrepreneurship in Korea by combining a historical review of the achievements of Korean entrepreneurs at each stage of economic development with an analysis of the activities of current entrepreneurs who are at the forefront of the new Korean age. It discusses the crucial role of business entrepreneurship in each stage of Korea’s transformation from an underdeveloped East Asian backwater to a global manufacturing and technology powerhouse throughout the last 100 years. Furthermore, it provides an up-to-date analysis of contemporary start-up entrepreneurship in Korea and discusses its unique characteristics, strengths and weaknesses. Authors identify specific features of entrepreneurship in Korea, why and how business entrepreneurs have been so successful and effective, how their entrepreneurial styles and activities have changed over time, which challenges Korean start-up entrepreneurs are currently facing, and how these challenges may be addressed.
This engaging text provides a concise history of Korea from the beginning of human settlement in the region through the late nineteenth century, equally emphasizing social, cultural, and political history. Students will be especially drawn to descriptions of everyday life for both elite and non-elite members of society during various historical periods. A Concise History of Korea emphasizes how Korean history can be understood as part of an interactive sphere that includes three basic areas: China, Japan, and the Manchurian/Central Asian region. Historical maps illustrate the changes in the region over time. The annotated bibliography of works in English is a useful addition to this clear and comprehensive Korean history.
The Evolution of Korean Industrial and Employment Relations explores current employment and workplace relations practice in South Korea, tracing their origins to key historical events and giving cultural, politico-economic and global context to the inevitable cultural adaptation in one of Asia’s ‘miraculous’ democracies.
Since the Korean Wave phenomenon started in 1997, Hallyu has undergone many changes. Geographically, while Asia has been the largest cultural market for the Korean cultural industries, other parts of society, including North America, Europe, the Middle East, and Latin America have gradually admitted Korean popular culture. The components of the Korean Wave have also greatly expanded. Hallyu originally implied the exports of a few cultural products, such as television dramas, popular music, and films; however, Korea has recently developed and exported K-pop, digital games and smartphone technologies as well as relevant youth culture. Meanwhile, industrial and technological contexts of the Korean Wave have changed significantly during the last 20 years. The role of social media in the Korean Wave’s transnationalization in recent years is especially intriguing because fans around the world can easily access social media to enjoy K-pop, digital games, and films. The changes in the nature and appearance of the Korean Wave, conceptual and theoretical shifts in the studies of the Korean Wave, and the influences of the development of media technologies on the Korean Wave are all very significant. This book aims to provide a better understanding of Hallyu's theoretical and institutional history on one hand, and new features of the Korean Wave on the other hand.