금융자유화와 동아시아 발전모델의 전형
Financial Liberalization and Transformation in the East Asian Development Model
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초록
금융자유화는 영미형 모델(Anglo-American model)의 가장 두드러진 특징이다. 반면, 금융억압(financial repression)은 동아시아 발전모델(East Asian development model)의 주요한 구성 요소다. 따라서 금융자유화는 동아시아 발전모델에 파괴적인 요인이 될 수 있다. 금융자유화는 기업 부문에 주주자본주의(shareholder capitalism)의 요소들을 도입시켰다. 주주자본주의는 주주가치를 극대화하는 것이 경영의 주요한 목적이다. 따라서 주주자본주의는 그 원칙들에 내재된 단기주의(short-termism)로 인해서 장기적인 투자를 저해한다. 이 연구는 금융자유화가 진전되는 과정에서 동아시아 발전모델이 어떻게 전형되었는지 밝히고자 한다. 이 글은 동아시아 발전모델이 영미형 모델의 요소들을 결합한 혼성모델(hybridmodel)로 전형되었다고 주장한다. 금융자유화는 노동시장의 유연화를 수반했다. 그 전형이 낳은 결과는 발전모델의 이행(transition)이라기보다는 하이브리드화(hybridization)였다.
Abstract
Financial liberalization was the most distinctive in the Anglo-Americanmodel. By contrast, financial repression was a major ingredient of theEast Asian development model. Thus, financial liberalization wouldbe a destructive force for the East Asian development model.Financialliberalization introduced the elements of shareholder capitalism intothe corporate sector. In shareholder capitalism, maximization of theshareholder becomes a major goal of management. Thus, it depressedlong-term investment because of the short-termism inherent in theprinciples of shareholder capitalism. This study aims to clarify how theEast Asian development model has transformed in the process of financialliberalization. It is argued that the East Asian development model hastransformed into a hybrid model in which the elements of the Anglo-American model were grafted onto the East Asian development model. Financial liberalization was followed by labor market flexibilization. Theresult of the transformation has been hybridization rather than transition.
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