Controversy still looms large both in public and academic circles as to the role of large corporations in sustainable economic growth. In this book, the new-institutional economics perspective is adopted to clarify and answer some of the most critical questions relating to the behaviour of large corporations in Korea, or the chaebol, and the role and impact of institutions on their behaviour. The book proposes a new chaebol policy that should enhance chaebol competitiveness, by introducing a new paradigm for Korea's development strategy based firmly on a market economy that effectively breaks away from the government-led policies that have dominated since 1970.
