Abstract
South Korea`s economic development has been characterized as a miracle due to its unprecedented speed and success. However, it has also been noted that a high level of distributive equity and poverty reduction were achieved in parallel with rapid growth. This paper argues that the first-order development goals of the state throughout the 1960s and 1970s were pursued in such a manner so as to be maximally inclusive of citizens in the developmental project. It is further argued that the country`s industrial conglomerates played a dual function as engines of economic growth and instruments through which citizen wellbeing was enhanced. This paper reviews the mechanisms by which the Korean government influenced business, and discusses Korea`s multifunctional industrialization and labor policies. Finally, the deinstitutionalization of the business sector`s multifunctional role is detailed, and future challenges for Korea`s modern welfare state are suggested.
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