Book contents
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Acknowledgments
- 1 THE PUZZLE AND THE THEORY
- 2 COMPARING KOREA AND THE PHILIPPINES
- 3 INSTITUTIONS: BUREAUCRATS AND RULERS
- 4 MUTUAL HOSTAGES IN KOREA
- 5 BANDWAGONING POLITICS IN THE PHILIPPINES
- 6 DEMOCRACY IN THE 1980S AND THE FINANCIAL CRISIS OF 1997
- 7 CONCLUSION: CORRUPTION AND DEVELOPMENT
- Index
1 - THE PUZZLE AND THE THEORY
Published online by Cambridge University Press: 31 October 2009
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Acknowledgments
- 1 THE PUZZLE AND THE THEORY
- 2 COMPARING KOREA AND THE PHILIPPINES
- 3 INSTITUTIONS: BUREAUCRATS AND RULERS
- 4 MUTUAL HOSTAGES IN KOREA
- 5 BANDWAGONING POLITICS IN THE PHILIPPINES
- 6 DEMOCRACY IN THE 1980S AND THE FINANCIAL CRISIS OF 1997
- 7 CONCLUSION: CORRUPTION AND DEVELOPMENT
- Index
Summary
I am convinced, therefore, that Korean politics will not be reformed unless the standards of the people are raised, a change of generations is promoted, the contents of elections are studied, and an open system for the procurement of political funds is worked out by means of consistent policies.
– Park Chung-heeHave we earned the right to continue to demand … continued trust and confidence in us? Unless we can confidently answer these questions, we dare not proceed. … Now is the time to cut off the infected parts of society from active public life, before they endanger the entire body politic.
– Ferdinand MarcosWhen the Hanbo Steel Company of South Korea went bankrupt in early 1997, an inquest discovered that at least two billion dollars had evaporated from its accounts, most likely ending up in the pockets of political or business elites. Upon his arrest for bribery, Hanbo's chairman, Chung Taesoo, privately let it be known that if the government pressed its case against him too vigorously he would unleash an “atomic bomb” (poktan) and implicate bankers and politicians who had been involved with Hanbo over the years. Chung was convicted, although the case was not pursued with particular vigor. While numerous observers professed to be shocked – Shocked! – at the revelations, in reality such scandals are a recurrent theme in Korean political history, and the exchange of money for political influence has been not just an open secret, it has been common knowledge. Since independence in 1948, Korea has seen a seemingly endless flow of corruption scandals bring down scores of elites.
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- Crony CapitalismCorruption and Development in South Korea and the Philippines, pp. 1 - 20Publisher: Cambridge University PressPrint publication year: 2002