the market system and who
proposed to completely replace it with something else; here one finds socialists as diverse as Robert Owen and Karl Marx.
Marx of course saw capitalism as a system of power. For him, political and
economic power were intertwined. It is no coincidence that, until recently,
nationalisation of heavy industry and, more generally, of the organisations that
provided the basic infrastructure for economic life was at the top of the agenda
for socialist parties, after they were able to attain and hold politicalpower.
With all the enthusiasm today
, democratization further
strengthened the politicalpower of big business in Korea. Why was this the
case? Two complementary explanations have been advanced. First, some lay
the blame on “Korea’s democratic deﬁcit” – in particular, the growing “role
of business money in electoral politics” (Kong 2000, 374). Likewise, Heo and
Kim (2000, 493– 4) argue that “South Korea was in the middle of a transition from the government-led economy to a more market-oriented one, and
from a government based on dictatorship to a more democratic system.
During this transition, both the government