Building ships while breaking apart

Abstract

With the center of gravity of the maritime industry over recent decades progressively moving eastwards, South Korea is today a giant in both shipping and shipbuilding. Its largely family-controlled industrial enterprises are nowadays increasingly engaged in risky business experiments abroad, which on occasion fail in a spectacular manner. By following the story of how one family-run economic actor invested unsuccessfully in the Philippines, I combine an exploration of the political-economic factors involved in this failure with an investigation of how these larger structures are entangled with a complex family story inside a Korean conglomerate. The forced separation between family and business that ensued in this case illuminates changing and competing ideals of “waterborne” capitalism in the twenty-first century.