By Edvard Delavan Perry
First-class ref. paintings. hb.
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Additional resources for A Sanskrit primer
In contrast to the Japanese business groups (keiretsu) deeply enmeshed in a complex set of long-term subcontracting, jaebol strive to complete the production chain within their own family of firms, relying less on domestic subcontracting relations with non-jaebol firms. ”5 Fukugawa highlighted the rationality of jaebol efforts to integrate serial production within the group rather than subcontracting out parcels of the process. With the relatively poor production infrastructure and techniques for inventory control at the time and the necessity for information management due to the fierce competition among the jaebols, increasing one’s transactions with companies outside the jaebol was conversely even dangerous.
In the past, the Association has experienced considerable difficulty obtaining sufficient capital to make the required payments for raw cotton. 43 Tightly controlled spinning firms emerged as highly leveraged operations under owner-managers, the centerpiece of family investment portfolios though few would develop as a major jaebol. 44 These early mills also attempted to manage supplies, production, and sales within their own related firms, replicating an integrated business group dynamic on a smaller scale.
O’Donnell countered Diamond’s thesis with the fact that highly formalized elections are complemented or constrained by a skein of informal, permanent, and pervasive types of particularistic relationships. Diamond recognized the persistence of such “informalities” but not their possible contribution to democratic consolidation, and more to the point, to greater flexibility in business-state relations. The textile chronicle sheds light on the progress of contract as a governance mode in Korean market and society.
A Sanskrit primer by Edvard Delavan Perry