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Richard R. Nelson

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 political power. With all the enthusiasm today

in Market relations and the competitive process
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Crisis, reform and recovery
Shalendra D. Sharma

, democratization further strengthened the political power 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

in The Asian financial crisis