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

Author

Listed:
  • Dong–Min Rieu

    (Chungnam National University, Department of Economics)

  • Hyun Woong Park

    (Denison University, Department of Economics)

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.

Suggested Citation

  • Dong–Min Rieu & Hyun Woong Park, 2018. "Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995–2015," UMASS Amherst Economics Working Papers 2018-07, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2018-07
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    File URL: http://www.umass.edu/economics/publications/2018-07.pdf
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    References listed on IDEAS

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    5. Dong‐Min Rieu, 2008. "Estimating Sectoral Rates Of Surplus Value: Methodological Issues," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 557-573, November.
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    8. Dong-Min Rieu & Keonbeom Lee & Hyeon-Hyo Ahn, 2014. "The Determination of the Monetary Expression of Concrete Labor Time under the Inconvertible Credit Money System," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 190-198, June.
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    11. G. S. Maddala & Shaowen Wu, 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(S1), pages 631-652, November.
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    Cited by:

    1. Hyun Woong Park & Dong–Min Rieu, 2018. "A Puzzle about the Monetary Expression of Labor Time : An Equilibrating Mechanism or Just A Coincidence?," UMASS Amherst Economics Working Papers 2018-15, University of Massachusetts Amherst, Department of Economics.

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    More about this item

    Keywords

    Sectoral rates of surplus value; unproductive labor; monetary expression of labor time; Korean economy;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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