Pub Date : 2022-10-20DOI: 10.13169/worlrevipoliecon.13.4.0502
Elias Jabbour, Alexis Dantas, Carlos José Espíndola
This article aims to show that the Chinese development process over the past four decades is not a self-explanatory fact. It is a process that may have revealed the ultimate limitation of the current capacities for interpretation represented by both orthodox and heterodox approaches. This limitation is due to two objective facts: 1) the transformation of the “socialist market economy” into a new socioeconomic formation (NSEF), a process that has accelerated since the financial crisis of 2008—the emergence of this NSEF results from a series of institutional innovations designed to accommodate a myriad of modes of production, all of them under the leadership of the public (socialist) sector; and 2) the continuous technical progress achieved by the state-owned enterprises (SOEs). Following the successful implementation of proactive industrial policies, the above-mentioned developments led to the appearance in China of new and superior forms of economic planning. This process can be understood as the re-emergence of Ignacio Rangel’s “project economy,” now under the title of the “new projectment economy.” In our view, perceiving and understanding this change in the mode of production in China, and the theoretical resources involved in it, represents the greatest challenge before today’s social science.
{"title":"On The Chinese Socialist Market Economy And The “New Projectment Economy”","authors":"Elias Jabbour, Alexis Dantas, Carlos José Espíndola","doi":"10.13169/worlrevipoliecon.13.4.0502","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.4.0502","url":null,"abstract":"This article aims to show that the Chinese development process over the past four decades is not a self-explanatory fact. It is a process that may have revealed the ultimate limitation of the current capacities for interpretation represented by both orthodox and heterodox approaches. This limitation is due to two objective facts: 1) the transformation of the “socialist market economy” into a new socioeconomic formation (NSEF), a process that has accelerated since the financial crisis of 2008—the emergence of this NSEF results from a series of institutional innovations designed to accommodate a myriad of modes of production, all of them under the leadership of the public (socialist) sector; and 2) the continuous technical progress achieved by the state-owned enterprises (SOEs). Following the successful implementation of proactive industrial policies, the above-mentioned developments led to the appearance in China of new and superior forms of economic planning. This process can be understood as the re-emergence of Ignacio Rangel’s “project economy,” now under the title of the “new projectment economy.” In our view, perceiving and understanding this change in the mode of production in China, and the theoretical resources involved in it, represents the greatest challenge before today’s social science.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44583005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-20DOI: 10.13169/worlrevipoliecon.13.4.0559
Lawrence A. Souza, Jacob Dunbar
In approximately the last four decades, neoliberalism has reigned as the structure of Western economies, chiefly the United States. However, neoliberal capitalism and an environment synonymous with deregulation, “free” markets, and limited government intervention in economic matters has repeatedly led to crises and crashes in history. The Scourge of Neoliberalism examines the actions of past presidential administrations since 1980, and explains how neoliberalism’s allure has kept it afloat for so many years.
{"title":"Review Of The Scourge Of Neoliberalism By Jack Rasmus","authors":"Lawrence A. Souza, Jacob Dunbar","doi":"10.13169/worlrevipoliecon.13.4.0559","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.4.0559","url":null,"abstract":"In approximately the last four decades, neoliberalism has reigned as the structure of Western economies, chiefly the United States. However, neoliberal capitalism and an environment synonymous with deregulation, “free” markets, and limited government intervention in economic matters has repeatedly led to crises and crashes in history. The Scourge of Neoliberalism examines the actions of past presidential administrations since 1980, and explains how neoliberalism’s allure has kept it afloat for so many years.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41460624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-20DOI: 10.13169/worlrevipoliecon.13.4.0449
John Hedlund, S. Longo, Timothy P. Clark
The concept of metabolism, as applied to the interrelations between human society and the rest of nature, has been one of the most fruitful iterations of socioecological thought over the last few decades. Here we will examine specific orientations of metabolic thought commonly employed in the social sciences, and their depiction of metabolism as it relates to the “society–nature” problematic and elaborate on the role of the dialectical method when analyzing socioecological processes and distinctions between society and the rest of nature. We will review two overarching uses of metabolism: the theory of metabolic rift and a hybridist metabolic approach to socio-nature. While the former regards society as an emergent property of nature, the latter regards distinctions between the two as undialectical and dualist. First, we review each of these approaches and how they differ in their application of the dialectical method. Then we explore some of the analytic implications of these differing approaches. We contend that a dialectical method that allows for, and encourages, analytical distinction is essential, and that the metabolic rift theory provides an important potential for advancing socioecological analysis in an era of anthropogenic environmental change through its use of analytical distinction between social and environmental phenomena.
{"title":"The Role Of Distinction In Dialectical Analyses Of Socioecology","authors":"John Hedlund, S. Longo, Timothy P. Clark","doi":"10.13169/worlrevipoliecon.13.4.0449","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.4.0449","url":null,"abstract":"The concept of metabolism, as applied to the interrelations between human society and the rest of nature, has been one of the most fruitful iterations of socioecological thought over the last few decades. Here we will examine specific orientations of metabolic thought commonly employed in the social sciences, and their depiction of metabolism as it relates to the “society–nature” problematic and elaborate on the role of the dialectical method when analyzing socioecological processes and distinctions between society and the rest of nature. We will review two overarching uses of metabolism: the theory of metabolic rift and a hybridist metabolic approach to socio-nature. While the former regards society as an emergent property of nature, the latter regards distinctions between the two as undialectical and dualist. First, we review each of these approaches and how they differ in their application of the dialectical method. Then we explore some of the analytic implications of these differing approaches. We contend that a dialectical method that allows for, and encourages, analytical distinction is essential, and that the metabolic rift theory provides an important potential for advancing socioecological analysis in an era of anthropogenic environmental change through its use of analytical distinction between social and environmental phenomena.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43077997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-20DOI: 10.13169/worlrevipoliecon.13.4.0430
D. Egan
It has long been understood by Marxists, including Marx himself, that primitive accumulation was not limited to the historical origins of capitalism. Instead, extra-economic processes of capital accumulation continue to be relevant throughout the subsequent development of capitalism. An examination of the classic analyses of primitive accumulation made by Karl Marx and Rosa Luxemburg suggests that the most significant contemporary interpretation of the concept—David Harvey’s accumulation by dispossession—fails to properly account for the role played by war and military power in capital accumulation today. This is the product of both a problematic interpretation of Marx’s and Luxemburg’s analyses of primitive accumulation as well as a problematic interpretation of the 2003 US invasion of Iraq. I argue that Marx and Luxemburg continue to offer a more fruitful foundation from which to address this question.
{"title":"The Place Of War In Marxist Analyses Of Primitive Accumulation","authors":"D. Egan","doi":"10.13169/worlrevipoliecon.13.4.0430","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.4.0430","url":null,"abstract":"It has long been understood by Marxists, including Marx himself, that primitive accumulation was not limited to the historical origins of capitalism. Instead, extra-economic processes of capital accumulation continue to be relevant throughout the subsequent development of capitalism. An examination of the classic analyses of primitive accumulation made by Karl Marx and Rosa Luxemburg suggests that the most significant contemporary interpretation of the concept—David Harvey’s accumulation by dispossession—fails to properly account for the role played by war and military power in capital accumulation today. This is the product of both a problematic interpretation of Marx’s and Luxemburg’s analyses of primitive accumulation as well as a problematic interpretation of the 2003 US invasion of Iraq. I argue that Marx and Luxemburg continue to offer a more fruitful foundation from which to address this question.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"24 4","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41299831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-20DOI: 10.13169/worlrevipoliecon.13.4.0476
Xia Lu, Xiaoqin Ding
In 2021, responding to changes in the world political and economic situation and basing itself on Marxist political economy, the New Marxian Economics Synthesis School led by Professor Enfu Cheng carried forward its traditions and forged ahead into the future. The school conducted active, in-depth research on how to uphold the integrity of socialist political economy with Chinese characteristics and enrich it with new elements, putting forward a series of theoretical innovations in areas that include the ten essentials of socialist political economy with Chinese characteristics, its sources of innovation and logical starting point, the orientation of its practice, and so forth. Based on these theoretical innovations, many of the scholars who make up the school engaged in lively discussion on a range of focal issues of today’s Chinese economy, including common prosperity, the new “dual circulation” development pattern, artificial intelligence and the digital economy, the modernization of national governance and so on. In addition, they made searching criticisms of the financialization of the contemporary capitalist economy and of the new developments seen in liberalism and hegemonism since the COVID-19 pandemic broke out. In sum, they recorded a long series of fruitful theoretical achievements.
{"title":"Socialist Political Economy With Chinese Characteristics And Research On The Chinese And Foreign Economies","authors":"Xia Lu, Xiaoqin Ding","doi":"10.13169/worlrevipoliecon.13.4.0476","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.4.0476","url":null,"abstract":"In 2021, responding to changes in the world political and economic situation and basing itself on Marxist political economy, the New Marxian Economics Synthesis School led by Professor Enfu Cheng carried forward its traditions and forged ahead into the future. The school conducted active, in-depth research on how to uphold the integrity of socialist political economy with Chinese characteristics and enrich it with new elements, putting forward a series of theoretical innovations in areas that include the ten essentials of socialist political economy with Chinese characteristics, its sources of innovation and logical starting point, the orientation of its practice, and so forth. Based on these theoretical innovations, many of the scholars who make up the school engaged in lively discussion on a range of focal issues of today’s Chinese economy, including common prosperity, the new “dual circulation” development pattern, artificial intelligence and the digital economy, the modernization of national governance and so on. In addition, they made searching criticisms of the financialization of the contemporary capitalist economy and of the new developments seen in liberalism and hegemonism since the COVID-19 pandemic broke out. In sum, they recorded a long series of fruitful theoretical achievements.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48036884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-15DOI: 10.13169/worlrevipoliecon.13.1.0004
Jonathan J Ross
“Common prosperity” is entirely based in Marxism yet is an outstandingly original solution to the problem of inequality in an economy in which there is a socialist state, and in which the state sector of the economy is dominant, but there is also the private sector. This is crucial as it was the social structure envisaged by Marx from the Communist Manifesto onwards for the primary stage of socialism. When there was a 100% state-owned economy, as in the USSR after 1929, or China by 1978, the problem of inequality was not very significant, but this economic structure was not efficient for long-term economic development—in some cases leading to the erroneous concept that socialism was “sharing out poverty/a low living standard.” Equally erroneous was the concept that capital should be allowed to develop in an unchecked fashion. “Common prosperity” solves this problem in strict conformity with Marx’s analysis in the second volume of Capital. Income for capital during the initial stage of socialism can be used either for investment, which aids production, is positive, and is to be protected, or for luxury consumption which is economically and socially negative and to be opposed and regarded as negative.
{"title":"Why Common Prosperity is Good for Socialism and for China’s Economy","authors":"Jonathan J Ross","doi":"10.13169/worlrevipoliecon.13.1.0004","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.1.0004","url":null,"abstract":"“Common prosperity” is entirely based in Marxism yet is an outstandingly original solution to the problem of inequality in an economy in which there is a socialist state, and in which the state sector of the economy is dominant, but there is also the private sector. This is crucial as it was the social structure envisaged by Marx from the Communist Manifesto onwards for the primary stage of socialism. When there was a 100% state-owned economy, as in the USSR after 1929, or China by 1978, the problem of inequality was not very significant, but this economic structure was not efficient for long-term economic development—in some cases leading to the erroneous concept that socialism was “sharing out poverty/a low living standard.” Equally erroneous was the concept that capital should be allowed to develop in an unchecked fashion. “Common prosperity” solves this problem in strict conformity with Marx’s analysis in the second volume of Capital. Income for capital during the initial stage of socialism can be used either for investment, which aids production, is positive, and is to be protected, or for luxury consumption which is economically and socially negative and to be opposed and regarded as negative.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42704534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-15DOI: 10.13169/worlrevipoliecon.9.3.0420
{"title":"WAPE Membership Information","authors":"","doi":"10.13169/worlrevipoliecon.9.3.0420","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.9.3.0420","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41415441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-15DOI: 10.13169/worlrevipoliecon.13.1.0045
Yexia Sun
From the perspective of Marx’s theory of the functioning of the international monetary system, there are inherent disadvantages in a sovereign currency acting as the world currency. First, the existing model of the single world currency is unfair, with the country whose sovereign currency functions as the world currency able to obtain huge international seigniorage and international inflation tax. Second, this single world currency model is unstable. The premise behind the functioning of an international monetary means of payment is the strong credit of currency-issuing countries, but the Triffin problem means that the sovereign currency issuers face a dilemma. Third, the duality of the monetary measure of value determines that there can be only one currency performing the function of a world currency in the international market, and a multipolar world currency pattern will lead to frictions among currency-issuing countries. Recognizing the disadvantages of using a sovereign currency as the world currency has important reference value and educative significance for achieving a correct view of digital currency, eSDRs, and RMB internationalization.
{"title":"The Disadvantages of Sovereign Currency as the World Currency","authors":"Yexia Sun","doi":"10.13169/worlrevipoliecon.13.1.0045","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.1.0045","url":null,"abstract":"From the perspective of Marx’s theory of the functioning of the international monetary system, there are inherent disadvantages in a sovereign currency acting as the world currency. First, the existing model of the single world currency is unfair, with the country whose sovereign currency functions as the world currency able to obtain huge international seigniorage and international inflation tax. Second, this single world currency model is unstable. The premise behind the functioning of an international monetary means of payment is the strong credit of currency-issuing countries, but the Triffin problem means that the sovereign currency issuers face a dilemma. Third, the duality of the monetary measure of value determines that there can be only one currency performing the function of a world currency in the international market, and a multipolar world currency pattern will lead to frictions among currency-issuing countries. Recognizing the disadvantages of using a sovereign currency as the world currency has important reference value and educative significance for achieving a correct view of digital currency, eSDRs, and RMB internationalization.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45381342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-15DOI: 10.13169/worlrevipoliecon.13.1.0027
J. Gao, Hairuo Chen
Sweden is a model of social democracy in which the Social Democratic Party has long been in power, and in which distribution under the conditions of monopoly capitalism has been the object of one-sided praise. Wealth and income inequality in Sweden was in the past relatively low, but in recent years has shown a tendency to undergo a structural increase, and some indicator values are already at comparatively high levels. Investigating the causes, we find that the ownership structure of the means of production, dominated by monopoly capitalist private ownership, has played a decisive role in the creation and evolution of wealth and income inequality within Sweden. The Swedish welfare system, whose core elements are social security provisions and the tax system, has played an important role in alleviating wealth and income inequality and in promoting social equity, but the degree of adjustment it achieves is relatively limited, and it now faces challenges in ensuring its sustainability. In recent years, the weakening of the organizational strength of trade unions in Sweden has resulted in an imbalance between the power of labor and capital, an imbalance that to some extent has promoted the widening of wealth and income inequality. With the deepening of the basic contradiction of capitalism, the trend to widening wealth and income inequality in Sweden represents a historical inevitability.
{"title":"The Trend to Widening Wealth and Income Inequality in Sweden and its Causes","authors":"J. Gao, Hairuo Chen","doi":"10.13169/worlrevipoliecon.13.1.0027","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.1.0027","url":null,"abstract":"Sweden is a model of social democracy in which the Social Democratic Party has long been in power, and in which distribution under the conditions of monopoly capitalism has been the object of one-sided praise. Wealth and income inequality in Sweden was in the past relatively low, but in recent years has shown a tendency to undergo a structural increase, and some indicator values are already at comparatively high levels. Investigating the causes, we find that the ownership structure of the means of production, dominated by monopoly capitalist private ownership, has played a decisive role in the creation and evolution of wealth and income inequality within Sweden. The Swedish welfare system, whose core elements are social security provisions and the tax system, has played an important role in alleviating wealth and income inequality and in promoting social equity, but the degree of adjustment it achieves is relatively limited, and it now faces challenges in ensuring its sustainability. In recent years, the weakening of the organizational strength of trade unions in Sweden has resulted in an imbalance between the power of labor and capital, an imbalance that to some extent has promoted the widening of wealth and income inequality. With the deepening of the basic contradiction of capitalism, the trend to widening wealth and income inequality in Sweden represents a historical inevitability.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42865881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-15DOI: 10.13169/worlrevipoliecon.13.1.0097
Kyung-Pil Kim
Neoliberal strategy, which was adopted and implemented after 1987, lies behind the success of South Korean conglomerates (chaebols), and it was strengthened during the Asian financial crisis in 1997. Faced with new spatio-temporal conditions and the massive struggle of workers, the chaebols started a project to restore capitalist power. To this end, the chaebols actively supported the political powers who represented them and adopted American and Japanese strategies for globalization and flexibilization. After enduring the 1997 crisis, the chaebols shifted from growth- to profit-orientedness due to external pressures, and neoliberal strategy intensified due to an emphasis on globalization and flexibilization. However, the chaebols’ neoliberal strategy should be defined as distinctly Korean. They still maintain corporate governance in which the ownership and management are combined, mobilize resources for the owners’ objectives, and conduct unrelated diversification. In addition, the chaebols have accumulated capital by transforming themselves into industrial, commercial, or financial capital since the 1950s.
{"title":"The Neoliberal Strategy of South Korean Conglomerates","authors":"Kyung-Pil Kim","doi":"10.13169/worlrevipoliecon.13.1.0097","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.1.0097","url":null,"abstract":"Neoliberal strategy, which was adopted and implemented after 1987, lies behind the success of South Korean conglomerates (chaebols), and it was strengthened during the Asian financial crisis in 1997. Faced with new spatio-temporal conditions and the massive struggle of workers, the chaebols started a project to restore capitalist power. To this end, the chaebols actively supported the political powers who represented them and adopted American and Japanese strategies for globalization and flexibilization. After enduring the 1997 crisis, the chaebols shifted from growth- to profit-orientedness due to external pressures, and neoliberal strategy intensified due to an emphasis on globalization and flexibilization. However, the chaebols’ neoliberal strategy should be defined as distinctly Korean. They still maintain corporate governance in which the ownership and management are combined, mobilize resources for the owners’ objectives, and conduct unrelated diversification. In addition, the chaebols have accumulated capital by transforming themselves into industrial, commercial, or financial capital since the 1950s.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48747224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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