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Crisis and Restructuring in East Asia : The Case of the Korean Chaebol and the Automotive Industry - Seung-Il Jeong

Crisis and Restructuring in East Asia

The Case of the Korean Chaebol and the Automotive Industry

Hardcover

Published: 20th July 2004
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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.

List of Figuresp. viii
List of Tablesp. ix
Acknowledgementsp. xii
List of Abbreviationsp. xiv
Introductionp. 1
East Asia's miracle and crashp. 1
Crisis of the chaebol and the Korean economyp. 3
Controversy over East Asia's industrial growthp. 5
Controversy over the 1997 crisis in East Asiap. 12
Business dynamics and theory of the firmp. 15
Existing studies of Korean carmakers and the industryp. 20
Structure of the bookp. 22
The Asian Crisis in 1997 and its Causesp. 25
Structural inefficiency of East Asian capitalismp. 26
Role of panic and financial liberalizationp. 30
Conclusionp. 41
Korea's Economic Institutions and the Crisisp. 43
Developmental state, banks and the chaebolp. 44
Democratization, liberalization and globalizationp. 52
Liberalization and laissez-fairep. 55
International capital movement and the financial crisis in Koreap. 61
Conclusionp. 72
The Chaebol's Corporate Governance and the Crisisp. 74
The chaebol's predominance and the crisisp. 75
Concentrated ownership and control of the chaebolp. 79
Aspects of corporate governancep. 83
Corporate governance and product market pressurep. 89
Conclusionp. 91
Korea's Automotive Industry: The 1960s-90sp. 92
The developmental state and the automotive industry: the 1960s-1980sp. 93
Deregulation and industrial expansion in the 1990sp. 99
Financial crisis and industrial crisisp. 102
Conclusionp. 107
Hyundai Motor Companyp. 109
Hyundai Group and Hyundai Motor Companyp. 110
HMC's strategies and visionp. 113
HMC's efforts to develop technological capabilityp. 120
HMC during and after the 1997 crisisp. 128
Conclusionp. 132
Daewoo's Global Managementp. 134
Daewoo Group and Daewoo Motor Companyp. 135
Legacies of GM dependency: 1972-92p. 137
Daewoo Group's 'global management' strategy in the 1990sp. 145
Daewoo's global expansion of automotive businessp. 152
Domestic and overseas operations comparedp. 159
The financial crisis and Daewoo's collapsep. 163
Conclusionp. 168
Comparison of Hyundai and Daewoo in Research and Developmentp. 170
Different approaches to car developmentp. 171
Comparison of car development capabilitiesp. 177
Differences in engine developmentp. 180
Different approaches to organizational structurep. 184
Differences in company-wide coordination for car developmentp. 192
Conclusionp. 196
The Chaebol's Diversification: Ssangyong and Samsungp. 198
Diversification of the chaebol, past and presentp. 200
Case one: the Ssangyong Motor Companyp. 203
Case two: the Samsung Motor Companyp. 207
Conclusionp. 213
Conclusion: Crisis, Restructuring, and the Future of Koreap. 215
Bubbles, crashes and laissez-fairep. 215
Moral hazard, market competition, and late industrializationp. 216
Business dynamics, industrial development, and organizational changep. 217
Post-crisis reform towards the Anglo-American modelp. 219
Benefits and risks of the reformp. 219
Changes in business dynamics and industrial developmentp. 221
Increasing private debts and property market bubblesp. 223
Never-ending historyp. 224
Notesp. 225
Referencesp. 242
Indexp. 257
Table of Contents provided by Rittenhouse. All Rights Reserved.

ISBN: 9781403938145
ISBN-10: 1403938148
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 293
Published: 20th July 2004
Publisher: Palgrave USA
Country of Publication: US
Dimensions (cm): 21.6 x 14.0  x 2.54
Weight (kg): 0.52
Edition Number: 1