This article has two purposes. On the one hand, for those who are interested in Korea or even specialized in one or the other field of Korean Studies, it attempts to present an overall interpretation of the economic, social and political situation currently existing in South Korea, under the focus of the term “capitalism”. For such readers the analytic framework of this essay might be of more interest than the factual information which, in parts, is well-known. Although not all aspects of the present South Korean society can be related to the concept of capitalism, it is the intention of this analysis to show that this society cannot be fully understood without regard to this term and its critical implications. The concept of capitalism that is used in this paper will emerge through the article itself, at least in its concluding part.