Traditional values and capitalism in contemporary South Korea

Abstract

Max Weber argued that traditional values impede the development of capitalism in Confucian societies. Korea is an economic success, yet is also known as the most Confucian of East Asian countries. This thesis seeks to explain the marriage between a thriving consumer-based economy and a traditional Confucian value system. Broadly, it was found that Koreans are committed to uniquely adapted values that while faithful to their Confucian origins, are also products of contemporary Korean history. What results are core values that appear to be staid in traditional terms, but are in effect driving forces for economic growth and national unity. Within these findings, it is revealed that (1) Confucian ideals of family relationships, rank and essential virtues are at the forefront of the Korean imaginary; (2) it is possible to harmonize the terms modern and traditional, (3) that capitalism is culturally constructed and therefore not fully subject to Weberian limitations.