South Korea’s family-run business empires
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Published 2024-07-13
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Chaebols are family-owned conglomerates in South Korea that have long been at the centre of public interest. Their outsized influence skyrocketed as the country rapidly emerged from post-war poverty to become a major developed economy. But chaebols have also been a source of public anger, as they earned a reputation for corruption and engaged in unfair business practices often blamed for growing inequality. Amid one of the country’s biggest scandals, huge protests in 2016 demanded the break-up of chaebols accused of bribing then-president Park Geun-hye. But years later, how much progress has South Korea made towards reining in the powerful chaebols?
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All Comments (21)
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The definition of “Everyone lives on earth but in a different world”
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"too important to economy to be jailed.." only the rich and powerfull people have this kind of priviledge
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Koreans do not have much antipathy toward chaebols. This is because large companies such as Samsung, SK, LG, and Hyundai make money through exports. Because they earn money through exports, the government gives them preferential treatment. If growth was achieved through domestic demand, it would be difficult to expect a favorable attitude from the government.
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If they have billions, they do everything until reach Trillion. If they reach Trillion they still aim for Quadrillion never ending greed.
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South Korea is the definition of oligarchy aka late stage capitalism. Nobody ever taught us that the board game monopoly is actually based on real life and that game never ends well.
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This is like the car manufacturers and the oil industry influencing America's politics.
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Oligarchy at its finest
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and they talk about how south korea is a democracy. baby, just different political system, same autocracy 😂
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Every capitalist country is like this, not just South Korea.
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The rich get richer, when you're too rich. You own the country. 😂 Buying power!
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How democratic korea ended up here, 5 companies controlling almost over a half of country's economy? That means they can even control government, and the decision it makes😢😢😢
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Same goes for Russia china and India too.only difference they're not called cheabols
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Korea learned from Japan pre-ww2. Japan’s wealth was basically built through four major wealth conglomerates called “Zaibutsu”, these included Mitsubishi, Mitsui, Sumitomo and Yasuda. Later included Nissan, Toyota and Honda.
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The chaebols become more powerful than the government
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There goes the k dramas
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But still, all people will go to top universities so they can apply the job in Chaebeol company like Samsung 😅.
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Think this article is more from SME business point of view & few corrupt people rather than the people, whose income has increased from 130$ to 33000$ resulting in a developed economy.
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Behind the kdrama Korea is a dystopia
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The scandals don't stop, is it because the punishment is mild? The Korean people do not deserve these dishonest politicians and businesspeople.
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Japan was also like that before World War II, but it was not in a situation like the current South Korea because it lost the war and forced the United States to dismantle the chaebols.
