An authoritative study of the new model of Korean political economy, Democracy and the Korean Economy is the first book to analyze the economic impact of democratic change in South Korea. Going far beyond simplistic generalizations about the relationship between democracy and economic growth, the book carefully examines the pattern of change - and in some cases, stability - in major policy areas. The authors look closely at specific industries - such as the auto industry - and chaebols (large business conglomerates) and analyze their market position and political influence under both the authoritarian and democratic regimes. Timely and comprehensive, Democracy and the Korean Economy shows how the conflicts in key policy areas have evolved, identifies the political and economic factors that have been important in the resolution of those conflicts, and ultimately reveals the wide range of both significant and subtle effects that democratization has had on Korean economic policy and its economy.