Financial Crisis and Minority Shareholders’ Movement in Korea: The Unfolding and Social Consequences of the MovementFinancial Crisis and Minority Shareholders’ Movement in Korea: The Unfolding and Social Consequences of the Movement
- Other Titles
- Financial Crisis and Minority Shareholders’ Movement in Korea: The Unfolding and Social Consequences of the Movement
- Authors
- 박길성; 김경필
- Issue Date
- 2008
- Publisher
- 한국사회학회
- Keywords
- minority shareholders’ movement; people’s solidarity for participatory democracy; shareholder capitalism; Korea
- Citation
- 한국사회학, v.42, no.8, pp.59 - 76
- Indexed
- KCI
- Journal Title
- 한국사회학
- Volume
- 42
- Number
- 8
- Start Page
- 59
- End Page
- 76
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/124739
- ISSN
- 1225-0120
- Abstract
- The minority shareholders’ movement has become the most symbolic and representative case
of NGOs activism in the process of social restructuring following the 1997 financial crisis.
Although much has been mentioned about the successful story of minority shareholders’
movement in everyday storytelling, only scant attention has been paid to the mechanism of the
movement including its formation, method, and social consequences. We analyze the
mechanism in conjunction with the financial crisis and the diffusion of shareholder capitalism.
The minority shareholders’ movement placed the target for reform on the corporate system
regarded as one of the big reasons behind the financial crisis and heavily depended upon legal
channel as the tool of movement method. It inevitably created the risk that reform efforts
concentrated further activist-driven, salient and single-issue focused. We, therefore, observe
three major consequences that arose from minority shareholders movement: exits for foreign
capital guaranteed, loss of publicness in finance, and overwhelming advantage secured by
capital. We explore an account that makes sense of half-way success of the minority
shareholders’ movement, hinging upon the inevitable dilemma between the legacy of
developmental state and the hegemony of neo-liberalism faced by all reformers in the postdemocratization
era of Korean society.
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