The Chaebols of South Korea
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A Note on the Chaebol System
Chaebol is a Korean word that means "a group with a lot of money."3 Chaebols were large South Korean private business groups that consisted of several smaller members or units; they also maintained close connections with the government. They were generally under the control of a single powerful family and most of the management positions in the Chaebols rested with members of that family. The Chaebols were involved in a variety of commercial activities ranging from farming to ship building. In the early 1990s, the five largest Chaebols were Samsung, Hyundai, Lucky-Goldstar (LG), Daewoo, and Ssangyong.4 (Refer Table I for characteristics of Chaebols).
"Industrial Society Change - South Korean Cultural Ecology - Part 2," www.paulnoll.com/Korea/History/South-Korean-past-part2.html.
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