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The Social Structure of Accumulation in South Korea: Upgrading or Crumbling?

By applying the theory of the social structure of accumulation (SSA), this paper attempts to explain Korea's 30-year economic boom and its present structural crisis. The economic downturn of 1989-92 is interpreted as the beginning of the crisis. The neoliberal economic policies of the Korean government since the 1980s are shown to be far short of establishing the new SSA needed to overcome the current structural problems and restore prosperity.