South Korean conglomerates (original) (raw)
Jaebeol (chaebol, 재벌; 財閥 in Korean), meaning conglomerates, have been a major force in the South Korean economy from the end of the Korean War through to today. Although the last three South Korean presidents (Kim Young-sam, Kim Dae-jung, and Roh Moo-hyun) have all tried to reform the _jaebeol_s to one degree or another - especially after the Asian financial crisis of 1997 - they continue to play a major role in the national economy. Two jaebeol (Hyundai and SK Group) have been implicated in separate scandals involving Presidents Kim Dae-jung and Roh Moo-hyun. More positively, Hyundai has been instrumental in the slight thawing of relations between North and South Korea since 2000.
Some of the _jaebeol_s are one large corporation, while others have broken up into loosely connected groups of companies sharing a common name. Many South Korean _jaebeol_s have become household brand names in the west. Some of the more notable present and former conglomerates include:
- Hyundai (now broken into several companies sharing the same name, including Hyundai Motor Company);
- Samsung;
- LG (formerly known as "Lucky Goldstar");
- SK Group;
- Ssangyong;
- Daewoo;
- Hanjin;
- Kia (now owned by Hyundai; see also Kia Motors);
- Lotte; and
- Cheil Jedang.