Abstract
The framework of the keiretsu-based integrated production system, which is the production system of the Hyundai Motor (HM) Group, involves a keiretsu-based amalgamation of auto parts makers that makes it possible for 18 automobile-related affiliates to work organically as a single unit. This allows the HM Group to maintain low-cost production systems by easily downshifting assembly processes and taking advantage of the technical aspect of modularisation and the institutional aspect of the wage-labour nexus.
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