Seongjin Jeong

Pirie's new book attempts a long-awaited Marxist analysis of the contemporary Korean state. It seeks to go beyond the binary opposition between neoliberal market-fundamentalism and Keynesian statism by persuasively demonstrating the indispensability of the state's role in the establishment of neoliberalism in Korea. It also provides an original and insightful analysis of the neoliberal regulation of finance in Korea. However, Pirie's central argument that the stable neoliberal régime of accumulation was established in Korea after the 1997 crisis can be questioned in view of the trend in profitability, the same empirical evidence on which his argument rests. Pirie also needs to provide a more consistent Marxist class-analysis of capitalism in Korea.