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The economic growth of South Korea in Park Chung Hee’s era has been well documented by many scholars, but most researches have exclusively focused on the role of the state hinged upon the state- centered approach, largely overlooking the autonomy and contribution of private corporations to economic development. To date there has been no comprehensive development studies as to address the role of business in the process of industrialization. Left unanswered, out of the preoccupation of developmental state nexus, has been the compelling question of how the Korean business was mobilized as a veto-player, planner, and cooperator in relation to the authoritarian state. This article seeks to provide an account that makes sense of the substance of the business in terms of the capital, association, and network. We explore how the Korean business has managed the differently shaped roles in state building, market making, economic development planning, and crisis management.
