In South Korea, the word Chaebol It evokes emotions mixing admiration, pride, frustration and resentment. These industrial conglomerates of family owned as Samsung, HyundaiAND SK They played a fundamental role in transforming the country from a state devastated by the war into a global economic power. But today, the domain of Chaebol In the economy and South Korea society they are increasingly examined.
The rise of the chaebol: from ruins to wealth
Emerging in the 60s and 70s during the president Park Chung-Hee administration, Chaebol They were built through industrial policies directed by the government. They received enormous state support in exchange for achieving national export objectives. Specific industries have been assigned to companies:Hyundai with cars, Samsung with electronics and rewarded for performance.
This symbiotic relationship has led to unprecedented industrial growth. By 2022, the five largest Chaebol represented about 45% of South Korea GDP, with Samsung alone contributing to almost a quarter. The intertwining of national success with Chaebol Prosperity has created what professor Jang Ha-Seong Call a “obsession with chaebol”.
The influence of Chaebothe It extends beyond the economy. On streaming platforms such as Netflix and Disney+, Korean dramas often rotate around Chaebol Heirs intertwined in romanticism and corporate intrigues. These portraits glamorous hereditary wealth and social privilege, incorporating the Chaebol Ideal in popular imagination.
Professor Park Sang-in Of the Seoul National University warns of this romanticization, saying that normalizes the privilege and erodes the meritocratic values. “It suggests that success depends more on your birth than on your ability, which is a dangerous message for young people”, observe.
Work inequality and market distortion
For many young South Koreans, ensuring a job in A Chaebol It is the final career goal. The prestige and the remuneration have no equal but the competition is fierce. This dynamic creates a bifurcated labor market, where the best talents are absorbed Chaebolleaving the SMEs (small and medium -sized enterprises) in difficulty.
In 2022, the employees of the SMEs gained only 63% of what theirs Chaebol Counterparties made, according to the OECD data. The result is both the economic distortion and the growing disillusionment between young people.
Structural challenges and requests for reform
Despite decades of reform attempts, Chaebol It still works with opaque -owned structures and limited liability. The property loops and the proposal of cross -shared sharing allow families to control vast empires with minimum equity 10 top Chaebol Leaders hold voting rights of 55.7% with only 0.9% of the actual shares, according to the Korea Development Institute.
Reforms proposed during the Moon Jae-in The administration aimed to increase transparency largely failed due to dependence on voluntary compliance and insufficient legal application.
South Korea Chaebol stay on a crossroads. Their contributions passed to national growth are undeniable, but their future role has been questioned. “Chaebol built in Korea”, Professor Park says. “But unless we reform the way they work and interact with the company, they could end up holding Korea.”
Public trust will be essential, in particular by the younger generations and foreign investors who have about 30% of the Korean shares. As globalization and digital transformation redefine the competitive advantages, Chaebol He must evolve or risk becoming relics of a past era.
