The Shadow Behind the Investment Festival — Korean Industry in the Grip of Global Capital. Graphic by HMI Daily

Table of Contents

① The Invisible Hand Shaking the Stock Market

② The Industrial Dependency Structure Designed by BlackRock

③ Lee Jae-myung’s Choice for Comprador Capitalism

BlackRock holds significant stakes in many of Korea's major companies. However, their influence extends far beyond the stock market.

From the acquisition of Westinghouse and the Czech nuclear power plant contract to investments in wind power, massive asset managers like BlackRock and Vanguard operate as the hidden architects of the energy industry.

The AI data center and green energy strategies pursued by the Korean government under the guise of attracting foreign capital are directly linked to this structure.

As confirmed in Part 1, BlackRock and Vanguard are major shareholders in Korea’s leading firms, including Samsung Electronics, Hyundai Motor, and SK Hynix. Yet, their leverage goes beyond mere equity percentages.

According to Financial Supervisory Service disclosures, BlackRock holds approximately 5% of Doosan Enerbility, 4% of Korea Electric Power Corporation (KEPCO), and 3% of LS, the parent company of LS Cable & System. The fact that foreign capital has deep roots in power and energy infrastructure suggests that this leads to industrial dependency, surpassing mere financial reliance.

BlackRock has played a decisive role in the global energy transition. With the arrival of the Trump administration, BlackRock made the decision to lower the weighting of green energy in its ESG evaluation framework.

Changes in the standards set by financial capital immediately alter the investment strategies of global corporations and influence national policies. This is a classic example of financial capital moving in lockstep with shifts in politics and global hegemony.

The shadow of BlackRock is also dark in the nuclear energy sector. When Westinghouse, which holds U.S. proprietary nuclear technology, was acquired by Canada's Brookfield, BlackRock and Vanguard provided the funding.

These global capital firms were also behind the scenes of the Czech nuclear power project, from which Korean-built reactors were excluded. While it appeared to be an international competitive bidding process on the surface, the outcome was actually dictated by capital networks.

The wind power market is no exception. According to the International Energy Agency (IEA), over 60% of new wind power capacity in 2024 was installed in China. BlackRock has invested not only in the European wind turbine manufacturer Vestas but also in China’s Goldwind and Longi.

This reveals the nature of global funds: profits take precedence over national identity. The wind and solar projects pushed by the Korean government are also aligned with BlackRock’s investment portfolio.

The AI data center and green energy strategies championed by the Lee Jae-myung administration are not unrelated to this.

The contract structure where AI data centers purchase electricity produced by wind farms over the long term is the “long-term stable profit model” that BlackRock desires. It is a scheme where the Korean government and local companies shoulder the burden of building the grid and handling public complaints, while BlackRock secures stable profits. If the installation of the power grid is delayed, astronomical claims for damages could follow.

This structure has been repeated in overseas SOC (Social Overhead Capital) projects. Investors include various safeguards in contracts to guarantee their returns, while designing the projects so that the actual risks fall on the host country.

Mega-asset managers like BlackRock use financial engineering and legal counsel to eliminate their risks. The AI and green energy initiatives pursued by Korea are unlikely to escape this framework.

The pressure from the Trump administration was blatant. In his first term, he tightened the screws on Korea through defense cost-sharing and security; in his second, through trade wars led by tariffs. However, that was a form of power that left room for negotiation—diplomatic or political.

In contrast, global capital like BlackRock is heartless and ruthless. By manipulating indices, investment criteria, and fund rebalancing, they shake markets and industries without offering any room for negotiation or compromise.

Trying to find refuge in their arms to avoid Trump’s pressure is an act of insanity. That path is not one of negotiation but of subordination—a choice to willingly throw away Korea’s economic sovereignty.

#BlackRock #MSCI #Vanguard #DoosanEnerbility #Westinghouse #CzechNuclearPlant #WindPower #ChineseEnergy #AIDataCenter #EconomicSovereignty