Chaebol

A Chaebol is a family-controlled South Korean conglomerate. While the founding families do not own majority stakes in the companies, Korean culture allows them to maintain control out of respect for their long associations with the businesses. Among major chaebol are Samsung, LG, Hyundai, and SK Group. Chaebol produce nearly two thirds of South Korea's exports and attract 70% of foreign capital inflows.

South Korean government-chaebol cooperation has been termed an unholy alliance, with rampant favoritism and corruption and little transparency. While that cooperation has been credited with fueling the nation's growth and transformation, critics say it also has led to monopolistic and oligopolistic concentration of capital and economically profitable activities. The chaebol culture is now accused of stifling creativity, amassing political power for leading families ...