Cambridge Journals Online

Bad Loans to Good Friends: Money Politics and the Developmental State in South Korea

Abstract

Since gaining its independence in 1948, South Korea (hereinafter referred to as Korea) has seen a seemingly endless ow of corruption scandals bring down scores of elites. Among those who have served time in jail or been exiled are former presidents Chun Doo-hwan and Roh Tae-woo; members of many presidential staffs; and a slew of military of cers, politicians, bureaucrats, bankers, businessmen, and tax collectors. While numerous observers professed to be shocked—Shocked!— at the revelations, in reality such scandals are a recurrent theme in Korean political history, and the exchange of money for political inuence has been not just an open secret but common knowledge.