Participatory Democracy and Chaebol Regulation in Korea: State-Market Relations under the MDP Governments, 1997––2003

Abstract

The government-chaebol nexus formed under Democratic Party governments reflects new state-market relations in Korea that are predicated on a democratic model emphasizing participation and equity. The participatory democratic logic of corporate reform assumes that civic organizations, functioning as a third sector, should act as watchdogs and whistle-blowers to correct any unequal market structures.