SOUTH KOREA- THE CRISIS-TORN TRANSITION TO A NEW MODE OF ACCUMULATION

Year 1998, Volume: 6 Issue: 1, 83 - 112, 22.06.1998

Holger Heide

https://doi.org/10.29228/mjes.313

Abstract

The original Korean mode of accumulation was of great historic relevance for the process of modernisation which is the vital prerequisite for the valuation of cap- ital. It was also highly efficient- particularly in relation to the development strategy in other countries. This, however, could only continue for the period of time during which the extensive utilisation of labour power was at least partially possible. Retrospective criticism is quite unfounded in this respect.

In the following I will make the attempt to show that it is the same powers who are responsible, not only for the original success, but also for the actual crisis. The de- velopment in South Korea over the whole period of the last half-century has been de- pendent on the one hand (domestically), on the role of world capital, which has toler- ated and reinforced the accumulation regime. These two aspects are, of course, not to be seen separately, but rather as being intertwined in a close global relationship.

The need to establish a new mode of accumulation results from the fact that the most powerful institutions of world capital have, for reasons of competition, dis- mantled the foundations of the Korean model and that, as a parallel development, for internal reasons the previously extremely effecient mode of accumulation has exhausted its scope for exploitation. The fact that the implementation of a new mode of accumulation manifests itself in crisis is due to the persistence of structures and to subjectively resistent action. That is true for those parts of the power-elite who fear to become thelossers of the expected 'change", as well as for the resistent masses of workers, who only under threat of a "crisis" can be made willing to tighten their belts. For me, the really crucial issue is the question for the possibility of an alternative - the development of solidarity. 

Keywords

-, SOUTH KOREA, NEW MODE OF ACCUMULATION, THE CRISIS

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