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The absence of a market free of intervention meant that "true competition" became a rarity in South Korea. Especially in the era before the 1997 Asian financial crisis, the only products available to the Korean people were those made by chaebols. Therefore, the social fabric of the country lacked a welcoming culture toward entrepreneurship.
The Korean debt problem got worse when one of the Chaebols, called Hanbo, collapsed with US$ 6 billion debt. There were allegations that banks were pressurized by the government after being bribed by Hanbo. The situation worsened further when another Chaebol called Kia filed for bankruptcy.
Through the South Korean government's strong export policy, its economy succeeded in achieving a feat of surpassing $10,000 per capita income and transforming the poor agricultural economy into an advanced industrial economy by achieving an annual average growth of 8.4% for 25 years from 1970 to 1996. [3]
Chaebol (alternatively Jaebeol) refers to a South Korean form of business conglomerate. The Korean word means "business group" or "trust", and is often used the way "Big Business" is used in English. The Korean word means "business group" or "trust", and is often used the way "Big Business" is used in English.
The Korean War (25 June 1950 – 27 July 1953) was an armed conflict on the Korean Peninsula fought between North Korea (Democratic People's Republic of Korea; DPRK) and South Korea (Republic of Korea; ROK) and their allies.
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After the Korean War, the US military occupation of the country following the end of World War II, and the ultimate division of the peninsula, South Korea experienced what has become known as the Miracle on the Han River, with the rise of chaebols like Samsung, LG, etc. strongly driving its economy, and as of 2023, has the 12th largest economy ...
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