Perhaps someone could download the WSJ editorial from a few days ago by
Professor Meredith Cumings Woo of Northwestern University? Her analysis
seems to differ from Amsden's in important ways; for example, she seems to
be quite a bit more critical of the kind of state monopoly
capitalism that South Korea had practiced. For example, Woo expressed
criticism of the way certain enterprises, in which bureaucrats had
an important stake, had been subsidized simply on the basis of their size
at the expense of more profitable smaller firms. Perhaps there are
limits to how long more powerful firms can monopolize credit or set their
prices in such a way as to stave off the fall in the average rate of
profit at the the expense of smaller capitals?
rb
