Building ships while breaking apart container economies and the limits of chaebol capitalism

Abstract

With the center of gravity of the maritime industry over recent decades progressively moving eastwards, South Korea is today a giant in both shipping and shipbuilding. Its largely family-controlled industrial enterprises are nowadays increasingly engaged in risky business experiments abroad, which on occasion fail in a spectacular manner. By following the story of how one family-run economic actor invested unsuccessfully in the Philippines, I combine an exploration of the political-economic factors involved in this failure with an investigation of how these larger structures are entangled with a complex family story inside a Korean conglomerate. The forced separation between family and business that ensued in this case illuminates changing and competing ideals of “waterborne” capitalism in the twenty-first century.