Chaebols are business groups consisting of large companies in highly diversified business areas, owned and managed by family members or relatives. While their assets comprised over 45% of the total corporate assets in Korea, the total number of chaebols affiliates have persistently increased. Hyundai, Samsung, LG and Daewoo are some of the biggest chaebols in Korea, representing 80% of GDP and more than 60% of exports. Relationships between chaebols and the government had evolved between the 1960s and 1997. While it presented prosperous relationship between 60s and 80s, the power conflict had quickly risen until the financial crisis in 1997. This paper presents the benefits and problems that generated from these relationships in South-Korea over this period. The plan is chronologically divided in three parts. The first part shows how the government was helped with the developing chaebols expansion, thus showing harmony in their relationships. However, the second part shows that liberalization and democratization had risen conflict between both actors. Finally, the third part shows a shifted power between government and chaebols over the 1990s.
[...] http://global.factiva.com.ezp01.library.qut.edu.au/ha/default.aspx (accessed April from Factiva database). Thompson, G Economic dynamism in the Asia-Pacific: the growth of integration and competitiveness. Taylor & Francis Ltd. http://www.qut.eblib.com.au.ezp01.library.qut.edu.au/EBLWeb/patron/ (accessed April 2008). Tipton, F. B The rise of Asia: economics, society and politics in contemporary Asia. Basingstoke : Macmillan Press. [...]
[...] New york: Routlege. Chiu, S. W. K. and L. Tail-Lui The Role of the State in Economic Development. London: Routlege. 137-161. http://blackboard.qut.edu.au/webapps/portal/frameset.jsp?tab=courses&url=/bin/common/course.pl?course_i d=_29279_1 (accessed April 2008). Hwang, I. and J. [...]
[...] The evidence of a declining power of the government According to Armstrong (2007, the loss of state power relative to both big business and popular forces for democratization continued after the fall of Chun in 1987. In fact, Kim (1999, 449) says the chaebols actively distrusted the Roh regime's inconsistent policies. Also, they actively sought to change their economic power into political power (Kim 1999, 449). Armstrong (2007, 32) precise growing autonomy of the chaebol in the era of democratization was perhaps more dramatically expressed in the presidential election of 1992, when hyundai founder Chung Ju young ran for president and won of the vote”. [...]
[...] The high diversification of Chaebols rose their economic dominance The reality shows highly-diversified industries amongst Chaebols at over 20 industries with more than 27 subsidiaries on average (Hwang and Seo 2000). Thompson (1998, 218) says South-Korea “exhibited the greatest growth and diversification rates in the 1970's”. According to Tipton (1998, 427), “large private enterprises and regions had benefited from subsidized credit in which have been major exporters of manufactured goods”. Financial and fiscal incentives such as lower rates and taxes were allocated to export-related industries (Mah 2007, 82-83). [...]
[...] According to Hwand and Seo (2000), “there had been virtually no takeover market because of the peculiarities of the chaebol ownership structure and other factors protecting the incumbent management”. Lee (2004) says “past presidents and their family members had also engaged in various forms of graft and the penalty for these crimes had been minimal.” 4-11 PART 2 THE DECLINING INFLUENCE OF GOVERNMENT 80's - 87 CONTEXT OF RELATIONSHIPS (part A tremendous power of the state on businesses According to Tan, two-tiers of all investments were controlled by the korean government. [...]
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