Park, Hyeng-JoonDoucette, Jamie2022-11-102022-11-102016Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization. Park, Hyeng-Joon and Doucette, Jamie. (2016). Capital & Class. OnlineFirst. September. pp. 1-22. (Article - Journal; English).http://hdl.handle.net/10315/40014capital as power chaebol developmental state financialization institutional political economy Marxian economics post-Keynesian economics South KoreaThe article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class processes through which the financial circuit operates within the Korean economy, especially the power of Korea’s large, family-led conglomerates, or chaebol. In order to build upon Marxist approaches to Korean finance, we argue that Nitzen and Bichler’s approach to the ‘capitalization’ of capitalist class power provides a useful heuristic for understanding the differential power of Korean chaebol and their integration into global capital.Article