Chaebol
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Template:Koreanname noimage Chaebol (jě'-bэl), is the Korean word for conglomerates, have been a major force in the South Korean economy from the end of the Korean War through to today. In the last 40 years, Chaebol played a important role in assisting the government in developing new industries, markets and exports. This has led to South Korean being one of the NIE and increased standard of living similar to industrialized countries. Although the last three South Korean presidents (Kim Young-sam, Kim Dae-jung, and Roh Moo-hyun) have all tried to reform the Chaebols to one degree or another — especially after the Asian financial crisis in 1997 — they continue to play a major role in the national economy. Two Chaebol (Hyundai and SK Group) have been implicated in separate scandals involving Presidents Kim Dae-jung and Roh Moo-hyun. Hyundai has played a role in the slight thawing of relations between North and South Korea since 2000.
Some of the Chaebols are one large corporation, while others have broken up into loosely connected groups of companies sharing a common name. Many South Korean Chaebols have become household brand names in the west. Some of the more notable present and former conglomerates include:
- Hyundai
- Hyundai Motor Group
- Kia Motors (Formerly a chaebol called Kia in its own right, now owned by the Hyundai Motor Group)
- Hyundai Motor Company
- Hyundai Asan
- Hyundai Heavy Industries
- Hyundai Engineering and Construction
- Hyundai Motor Group
- Samsung
- LG
- SK Group
- SsangYong Group
- Daewoo
- GM Daewoo Auto & Technology (66.7% share owned by General Motors)
- Hanjin
- Lotte
- Cheil Jedang.
See also
- Japanese Zaibatsu (the Japanese cognate with "Chaebol");
- Keiretsu
- Vertically Integrated Company
- holding company
- List of Korea-related topics