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Elizabeth Thurbon - Developmental Mindset (Cornell Studies in Money)

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The Asian financial crisis of 19971998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed policy lending it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries.Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a developmental mindset on the part of political leaders and policy elites in Korea. This mindset involves shared ways of thinking about the purpose of finance and its relationship to the productive economy. The developmental mindset has a long history in Korea but is subject to the vicissitudes of political and economic circumstances. Thurbon traces the structural, institutional, political, and ideational factors that have strengthened and at times weakened the developmental consensus, culminating in the revival of financial activism in Korea. In doing so, Thurbon offers a novel defense of the developmental state idea and a new framework for investigating the emergence and evolution of developmental states. She also canvasses the implications of the Korean experience for wider debates concerning the future of financial activism in an era of financialization, energy insecurity, and climate change.

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DEVELOPMENTAL MINDSET The Revival of Financial Activism in South Korea - photo 1
DEVELOPMENTAL MINDSET
The Revival of Financial Activism in South Korea
Elizabeth Thurbon
CORNELL UNIVERSITY PRESSITHACA AND LONDON
For Ken, Xander, and Amlie
Contents
Illustrations
Figures
Tables
Abbreviations
AFC
Asian financial crisis
BOC
Bank of Chosun
BOK
Bank of Korea
CEO
chief executive officer
EOI
export oriented industrialization
EPB
Economic Planning Board
FKI
Federation of Korean Industries
FSC
Financial Services Commission
GDP
gross domestic product
GFC
global financial crisis
GNP
gross national product
HC
Hidden Champion
HCIs
heavy and chemical industries
IBC
Industrial Bank of Chosun
ICT
information and communication technologies
IMF
International Monetary Fund
ISI
import substitution industrialization
IT
information technology
KCIA
Korean Central Intelligence Agency
KDB
Korea Development Bank
KEXIM
Korea Export Import Bank
KFOF
Korea Fund of Funds
KOFC
Korea Finance Corporation
KVIC
Korea Venture Investment Corporation
MCI
Ministry of Commerce and Industry
MIC
Ministry of Information and Communication
MITI
Ministry of International Trade and Industry (Japan)
MKE
Ministry of Knowledge Economy
MOCIE
Ministry of Commerce Industry and Energy
MOF
Ministry of Finance
MOFE
Ministry of Finance and Economy
MOSF
Ministry of Strategy and Finance
NGE
new growth engine
OECD
Organization for Economic Cooperation and Development
PCGG
Presidential Commission on Green Growth
PFI
policy finance institution
SCNR
Supreme Council for National Reconstruction
SMBA
Small and Medium Business Administration
SMEs
small and medium-sized enterprises
VC
venture capital
WTO
World Trade Organization
REBIRTH OF THE DEVELOPMENTAL STATE
[For Chalmers Johnson] Industrial policy is first of all an attitude, an orientation, and only after that a matter of technique, shifting with the changing needs of the time.
Meredith Woo-Cumings, The Developmental State
I begin this book with an empirical puzzle: How can we explain the striking revival of financial activism in Korea since the 199798 financial crisis, and since the mid-2000s in particular? How has it come to pass that state-owned policy banks now account for 25 percent of all loans in the Korean financial system and routinely make low-interest loans to local firms in strategic industries, often on a performance-linked basis?
My primary empirical aim in this book is to document and explain the hitherto unremarked phenomenon of the revival of financial activism in Korea. In doing so, my broader analytical aim is to bring back to the study of developmentalism a key ingredient that has been increasingly marginalized and often completely ignored in the literature. That missing ingredient, the subject of this book, is the ensemble of ideas that inform the mindset and shape the goals of state actors, including a countrys political leadership. I use the Korean experience not so much to catalogue the misconceptions that arise from this neglect (although these are significant), but more importantly to demonstrate the analytical advantage of returning ideas to the center of developmental state discussion. My explanation of the revival of financial activism in Korea thus centers on the developmental mindset and the ways it has historically shapedand continues to shapeKorean policymakers approach to financial governance.
By developmental mindset, I mean a worldview that is focused on a desire for national techno-industrial catch-up and export competitiveness via strategic interventions by the state in economic life to promote national strength in a hostile and competitive world. A developmental mindset thus entails a particular way of thinking about finance: the principal purpose of finance is to support the productive economy, and thus the pursuit of broader developmental goals.
My key contention is that since the 199798 crisis, the emergence of new structural pressures, including the rise of China, financialization, and energy insecurity, have helped to revive and strengthen a quintessentially developmental view of finance in Korea. Despite the countrys significant shift toward liberalization, the idea that the primary purpose of the financial sector is to serve the productive economy continues to resonate strongly among key segments of the policymaking elite. In striking contrast to most accounts of the Korean experience of financial reform since the late 1990s, I contend that new modes of financial activism have returned the state to the center of the nations financial system. This trend has become particularly evident since the onset of the 2008 global financial crisis (GFC). Since that time, state-owned policy finance institutions (PFIs) have taken center stage in the domestic financial system, emerging as key backers of Koreas nonconglomerate manufacturing firms and their quest for techno-industrial competitiveness and export expansion. As in Koreas earlier developmental experience, PFIs, including the Korea Development Bank and the Korea Export Import Bank, are pumping large volumes of low-interest loans into local firms in industries deemed nationally significant by the state, with funds typically tied to technological performance and export targets. Since 1998, successive Korean governments have also experimented with and expanded new forms of financial activism, including the development of state-backed venture funds aimed at nurturing new strategic industries.
The Korean states continuing efforts to strengthen the link between the nations financial and productive sectors may go some way toward explaining how this country has managed to buck the trend toward deindustrialization evident in many developed economies. Indeed, Korea stands out as the only developed nation in which the share of manufacturing in GDP has actually increased since the early 1990s. Koreas recent experience of financial regulation and reform thus promises new insights into debates over the inevitability of industrial hollowing out in more advanced economies, and the possibilities for financial activism in an area of globalization, which is widely believed to constrain states and their policy room to move. The analytical framework I develop hereinwhich extends classical developmental state theorizinghelps to explain why the Korean state continues to approach financial policy so strategically, and what factors have helped to sustain this approach, despite significant domestic and international pressures for liberal reform.
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