Who are South Korean chaebols?

South Korean chaebols are large, family-ran business conglomerates that largely dominate the Korean economy. In 2021, the top ten chaebols, including Samsung (삼성), Lotte (롯데), and LG (엘지), collectively contributed nearly 60% to the nation’s GDP. Even during the pandemic, while smaller business struggled to survive, the chaebols showed resilience.

What is the chaebol system in South Korea?

The chaebol system is a legacy of South Korea’s history. After an armistice ended the Korean War in 1953, the country’s military dictators anointed a handful of families for special loans and financial support to rebuild the economy. The companies expanded quickly and moved from industry to industry until they morphed into sprawling conglomerates.

How did chaebol influence South Korea's economy?

A group of massive, mostly family-run business conglomerates, called chaebol, dominates South Korea’s economy and wields extraordinary influence over its politics. These powerful entities played a central role in transforming what was once a humble agrarian market into one of the world’s largest economies.