This article examines the processes of labor market restructuring and welfare reform in South Korea since the 1997/98 crisis, arguing that the Korean state-capital complex has succeeded in effecting a substantial redistribution of income from labor to capital. This redistribution of income has...

Critical introduction and literature review -- Putting Korea in its place -- Global competition, neo-liberalism and alternatives -- The ontology of a miracle -- The disintegration of the development state and the failure of economic liberalisation in Korea -- Building institutions for markets --...