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.
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