Capitalism in South Korea, 1945-2025

Capitalism in South Korea, 1945-2025 provides an interdisciplinary and analytical account of the evolution of South Korea since 1945. This book employs a framework of "e;compressed development, decompression, and convergence"e; to better understand Korea's turbulent journey, which has been marked by economic miracles, crises, and, more recently, a slowdown in growth and rising inequality. The book begins by defining "e;decompression"e; as political democratization and economic liberalization while demonstrating that economic achievements under the regime of compressed growth enabled the emergence of a Korean middle class that demanded political freedom, facilitating a peaceful transition to democracy in the late 1980s. Capitalism in South Korea, 1945 2025 then goes on to show how the post-crisis reforms imposed by the IMF set Korea on a trajectory of convergence with Anglo-American capitalism and brought an end to the so-called "e;East Asian miracle"e;. This book highlights the unexpected co-existence of two different paths of convergence displayed by Korea. The first path involves convergence with Anglo-American capitalism, which is characterized by slow growth, worsening inequality, and "e;free but not-so-clean"e; democracy. The second path is convergence with the "e;safe capitalism"e; of several continental European countries, which is typified by low birth rates, low divorce and crime rates, and long-life expectancy, as well as the pursuit of active labor market policies emulating Northern Europe. Capitalism in South Korea, 1945 2025 concludes that contemporary Korea is undergoing a period of "e;diverging convergence"e;. That is, Korea shows some signs of converging with certain advanced capitalist nations while also remaining distinct according to various indicators.