The Chaebols of South Korea |
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"If one wants to do any worthwhile business in Korea, one first needs to make the acquaintance of officials of the relevant government agencies, officers of banks, congressmen, and officers of law enforcement agencies. If one wants to do a really profitable business, one has to be connected to the power center around presidency because business opportunities which generate big rents are distributed at the top and loans of big amounts have to be approved at the top." - Sue Chan Chae, Professor of Economics, Rice University, USA in September 1997.1 "'We sacrificed our lives for the economic development of the country, now the Chaebols are being blamed for having close ties with politicians, for taking advantage of economic development to be personally rich. That is not fair." - Lee Sang Hoon, Senior Managing Director, Daewoo Corp. in December 1998.2 Introduction
But when the Asian financial crisis struck in 1997-1998, Korean Chaebols started crumbling.
The Chaebols of South Korea - Next Page>> 1]
Sue Chan Chae, "The future of the Chaebol system," Institute for Corean-American
Studies, Inc., Fall Symposium, September 29-30, 1997 |
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