The Chaebols of South Korea |
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ExcerptsThe Late 1980s and Early 1990s
Chaebols in TroubleSouth Korea's economy had enjoyed a strong growth period in the first half of 1990s. South Korea was one of the "Four Dragons" of East Asia - alongside Taiwan, Singapore and Hong Kong. In the 1960s, South Korea's GDP had been on par with the poorer countries of Africa and Asia. But by the mid 1990s, it was seven times that of India and 16 times that of North Korea...
The RecoveryAlthough the measures adopted by the government were severe, they were certainly effective. Of the 30 biggest Chaebols, 16 underwent radical transformation. Out of the 2,100 financial institutions before the crisis, 500 had to close down... Exhibits
Exhibit I: Number of Affiliates of Largest Chaebols in South Korea in 1988 |
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