Globalisation and Economic Crises in the Korean Capitalism

This article explores the contradictory relation between globalisation and crisis in the Korean capitalism since the 1990s. After formulating the relation between globalisation and crisis from the perspective of Marxian theory of world market crisis, this article overviews the process of globalisation in Korea after the 1990s, focusing on foreign trade, capital export and global value chains. In addition, this article empirically examines the relation between globalisation and crises in the Korean capitalism by analysing the trend of Marxian ratios, including rate of profit. Based on the case study on the Korean capitalism, this article concludes that globalisation is not the cause of but the capitalist responses to the economic crises.