Constant Rejuvenation and Revolution of Capitalist Systems
South Korea was one of the few developed countries to avoid a recession during the 2008 global financial crisis. Although its growth slowed to 0.2 percent in 2009, it rebounded to 6.1 percent in 2010, surpassing even the 5.1 percent rate prior to the crisis. What accounts for the vibrancy and resilience of Korea’s economy? Most observers would point to the country’s enviable position in Asia. After all, a rising Asian tide can lift all boats. But another explanation warrants more attention: the Korean government has guided its economy into a succession of ever ...