Crisis and Restructuring in East Asia
The Case of the Korean Chaebol and the Automotive Industry（韩国的财阀和汽车业）

Authors: Seung-Il Jeong



This book criticizes the widespread view that the 1997 Asian crisis was due to 'crony capitalism' and puts the blame instead on misguided liberalization. It analyzes the case of Korea's business conglomerates, the chaebol , with particular attention to the car industry, to show how liberalization contributed to the crisis even at the level of the firm. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization.

Table of contents

Front Matter

Introduction

The Asian Crisis in 1997 and its Causes

Korea’s Economic Institutions and the Crisis

The Chaebol’s Corporate Governance and the Crisis

Korea’s Automotive Industry: The 1960s–90s

Hyundai Motor Company

Daewoo’s Global Management

Comparison of Hyundai and Daewoo in Research and Development

The Chaebol’s Diversification: Ssangyong and Samsung

Conclusion: Crisis, Restructuring, and the Future of Korea

Back Matter