The World's Largest Shipbuilder
This chapter, within the context of the shipbuilding industry in the acutely competitive decade of the 1970s, examines the hypothesis that the diversified business (industrial) group provides a multitude of capabilities and a protective cover to latecomers wishing to enter world trade. The whole chapter is devoted to Hyundai Heavy Industries of South Korea, a subsidiary of the Hyundai Group, which began building its first ship (a very large crude carrier) in March 1973. Aspects discussed are the competitive challenge, government assistance, foreign technical assistance, the acquisition of design capability, investment in the formation of the Hyundai Engine and Heavy Machinery Manufacturing Company, intermarginal changes (quality, and time and motion studies and cost control), and organization (chaebol membership).
Keywords: chaebol, design capability, diversification, foreign technical assistance, government assistance, Hyundai Heavy Industries, industrial groups, investment, late industrialization, market competition, shipbuilding, South Korea, world trade
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