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Subordinate financialization and financial subsumption in South Korea


This paper analyzes the peculiarity of financialization in South Korea after the 1997 Asian financial crisis. Financialization research originally focused on the US experience and primarily understood financialization in the scope of the national state. However, this study analyzes financialization in terms of geographical differentiation and uneven development, and confirms that financialization in South Korea has a subordinate character due to US financial hegemony. This study also focuses on the fact that household debts have exploded in South Korea since the 2000s and recognizes it as a financial subsumption in which the working class is directly expropriated by financial capital.

KEYWORDS: financialization, subordinate financialization, financial geography, financial subsumption, household debt, South Korea
JEL: D14, F65, N25, P16


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