This
paper explains that many scholars consider the "rags-to-riches"
turn-around of the South Korean economy as a marvel especially when compared with other countries such as those in Latin America; thereby, various theories have been proposed to explain this success. The author points out that Eun Mee Kim in "Big
Business, Strong State" argues that the rapid
economic growth was not due to a static "South Korean model", which was based on the constant strength of either the government or business, but rather a collusion between the state and the
chaebol, the large family-owned and managed businesses. The paper relates that Kim's thesis regarding the relationship between the chaebol and the state is weak, dismissing too easily the possibility that the chaebol's influence was actually stronger in the beginning of this economic development than stated.