Chapter 14: Dynamic Relationship between Politics and Economy
INTRODUCTION Competition is a structural characteristic of a pluralistic and diverse democratic society whose rule is based on the majority principle. Any political game that entails competition requires money and those rich in money bid fair to become the winner of the political game. The ideal of democratic politics rejects the combination of power with money because it leads to a political leverage that knows no road blocks to political goals, but the reality accepts it to the extent that money is a necessary evil in politics. It holds true that the excessive accumulation of wealth, as often noticed in open-market systems, brings the well-to-do into politics where their loud voices din out others in the formulation of policy measures. Collusion between big business and politicians tends to bias or distort the distribution of the national resources in favor of a few individuals or groups or a certain segment of the population. This trend is typified by Japan where the long-sustained political hegemony of the Liberal Democratic Party was maintained by its entrenched collusions with ‘big businesses’, with the resultant opening of the path for their heads to manipulate politics and enjoy an untrameled rise to prominence. In dealing with state affairs, political leadership is extremely wary of where the wind blows lest it goes against the grain or incurs the resentment of business interests. Premiers who didn’t heed this dictum often went to the pit of disgrace under overwhelming pressure to step down.1 Korea witnessed the advent of business...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.