By Eun Mee Kim
This publication debunks the rosy good fortune tale approximately South Korean fiscal improvement by means of interpreting how the kingdom and companies shaped an alliance, whereas aside from hard work, with the intention to reach monetary improvement, and the way those 3 entities have been remodeled within the technique. the writer analyzes the anomaly of South Korean improvement from 1960 to 1990—a interval within which the rustic skilled dramatic social, fiscal, and political adjustments. via reexamining South Korea’s improvement in the course of the collaboration and clash among the nation and the chaebol (big businesses), she illuminates the inherent obstacles and difficulties of the developmental nation.
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Extra info for Big Business, Strong State: Collusion and Conflict in South Korean Development, 1960-1990
This story is told over and over again in the domestic media as a symbol of family control and filial piety in modern business. This kind of unquestioned filial piety and demonstration of loyalty are trademarks of many chaebol and hold the large busi ness groups together beyond effective entrepreneurial skills. Family control is paramount, visible, and effective. 1, many large chaebol have been continuously owned and managed by the same families since their founding. 1 Family Ownership and Management of the Ten Largest Chaebol, 1996 Rank' Chaebol A.
In other words, even if the workers are not related by family ties, they are expected to act like members of a family, in which survival of the group as a whole takes precedence over cut-throat competition between members. Janelli (1993) also reports of a group-oriented environment in one of the four largest chaebol in South Korea. ). ). Another important trend found in the large chaebol in order to keep the business in the family is the professionalization of 64 Big Business, Strong State family members.
The Hyundai chaebol is typical of other large chaebol in several respects. As suggested by the important role of Chong Chu Yong's sons, the management of the chaebol is heavily dominated by the male kin of the founder. The wife and daughters of the founder do not, however, appear to play an active role in management. Hyundai also resembles other large chaebol in its genera tional succession of ownership. The recent appointment of Chong Chu Yang's sons to the two top positions a t the Hyundai chaebol, appears to be an effort by the senior Chong to solidify his sons' reign over his brother, Se Yong's sons.