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South Korea, a country of change, its entertainment industry events in recent years have once again aroused people's suspicions about the power of chaebols. However, the historical roots of the Korean chaebols are rooted in the blood of imperialism, and the intertwined historical plots bring us into this mysterious world. Let's travel through time to unveil South Korea's chaebols and explore their impact on the country.
1. Carrying the history of imperialism
Back in 2015, when South Korean President Park Geun-hye attended the 70th anniversary of China's victory in the anti-fascist war, the question was asked: Was South Korea the victor in World War II? The answer is surprising. In fact, historically South Korea was not a victorious country in World War II, and the Korean Peninsula was legally considered a Japanese colony, and could not even be counted as a participant in World War II. However, Korea's ties are closely linked to the era of the Japanese Empire.
During the Japanese occupation, the northern part of the Korean Peninsula was relatively rich because the north was rich in mineral resources, while the south was dominated by agriculture and light industry. This division of labor laid the groundwork for South Korea's chaebol economy.
In 1945, after the end of World War II, the Korean Peninsula was occupied and established by the United States and the Soviet Union, respectively, with the socialist system in the north and the capitalist system in the south. The Korean Peninsula was divided, and both the North and the South yearned for reunification, but the outbreak of the Korean War shattered the dream of reunification. The two Koreas began to backtrack the United States and the Soviet Union and received their own support.
Syngman Rhee's government continued the economic division of labor in the southern part of the Korean Peninsula, dividing and auctioning off Japanese assets and cultivating a group of capitalists. However, the rise of these large enterprises has led to the abnormal development of the Korean economy, with slow economic growth and a huge gap between the rich and the poor.
Second, the rise of the chaebols of the Park Chung-hee era
In 1960, after Syngman Rhee stepped down, Yoon came to power, but he failed to make a difference and stepped down after only two years in power. Park Chung-hee, a resolute soldier, usurped power after a military coup. Park Chung-hee promised to crack down on "private" state-owned enterprises, boost the economy and turn South Korea into a world-class country.
Soon after Mr. Park came to power, he sent the rich to prison, demanded that they pay back taxes, and returned their financial industry to the state. However, Park Chung-hee has come to recognize the complexity of the South Korean economy. While he has weakened big business, South Korea's economy has fared worse. South Korea lacks the basic conditions for industrialization, and only cheap labor and small businesses produce low-cost products. However, large enterprises can concentrate technology, equipment, capital and manpower to produce advanced industrial products and export them, earning foreign exchange for the country.
In order to promote economic growth, Park Chung-hee signed an agreement with the chaebols, and the state funded the company's expansion of production and the economy through exports. He also bowed to Japan in exchange for financial and technical support. After the outbreak of the Korean War, he provided military supplies to the United States, received billions of dollars in loans, and promoted the development of South Korean industry.
Third, the rise and troubles of the chaebols
At the end of Park Chung-hee's reign, South Korean giants such as Samsung, LG, Daewoo, Sanggyeong, Lotte, Hyundai, Kia, etc. had been formed. However, due to the deformed lending policy, South Korean companies are getting bigger and bigger, and the small ones are getting smaller, forming an economy dominated by giant enterprises and small workshops.
After the outbreak of the Asia-Pacific financial crisis in 1997, South Korea fell into a debt crisis and most of its companies went bankrupt. To save big business, South Korea borrowed from the International Monetary Fund to solve its debt problem. However, this also led to the almost complete collapse of Korean small and medium-sized enterprises, and large enterprises became the only support for South Korea, and the equity of these enterprises was acquired by overseas capitalists, and South Korea's chaebols became representatives of overseas capital.
Beginning in 1997, South Korea's chaebols entered a new era, with most of their corporate stakes in the hands of foreign capitalists. 70% of South Korea's GDP is made up of the top 10 chaebols
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