The article is concerned with two interrelated issues: the state of development theory and its implications for the current crisis in the third world with special reference to South Korea. It is argued that capitalist development theory is currently at a deadlock, but not enough of a...

According to the author, capital accumulation in developing countries takes place within a system of intensive accumulation. Its success depends on the ability to maintain and increase competitiveness, on the availability of domestic and export markets, and on the role of the state in directing...