This paper explores in detail the political-institutional processes and governance aspects of the Korean system of innovation. It shows (i) how the specific form of corporate governance (chaebol) evolved out of Korea's national political-institutional arrangements, such as the state-firm relationship based on reciprocal subsidy; and (ii) how the dramatic emergence of Korean semiconductor firms in world memory chip markets resulted from the subtle and changing interactions of state, world market conditions and chaebol governance.
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Seunghyun Kim (1998) studied this question.
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