Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995–2015

Authors

Dong–Min Rieu, Chungnam National University, Department of EconomicsFollow
Hyun Woong Park, Denison University, Department of EconomicsFollow

Working Paper Number

2018-07

Publication Date

2018

Abstract

In order to explain how the Korean economy underwent the structural change through the two crises of 1997-8 and 2008 within the context of globalization, this article focuses on class analysis and inter-sectoral value transfer by estimating the sectoral rates of exploitation along with the sectoral monetary expressions of labor time. Our data indicate the possibility that the expansion of unproductive activities, accompanied by intensification of exploitation within the unproductive sectors, might not have overtaken capital accumulation in Korea during 1995–2015. It can also be concluded that the condition for manufacturing’s capital accumulation steadily improved since the 1997–8 crisis, but started to deteriorate after 2011. Our value–theoretic analysis provides a foundation for understanding the context of the regime change, which may plausibly characterize the Korean economy last couple of decades.

DOI

https://doi.org/10.7275/11975654

License

UMass Amherst Open Access Policy

Recommended Citation

Rieu, Dong–Min and Park, Hyun Woong, "Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995–2015" (2018). UMASS Amherst Economics Working Papers. 244.
https://doi.org/10.7275/11975654