Frederic P Miller

Chaebol Frederic P Miller

Publisher Marketing: Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Chaebol refers to a South Korean form of business conglomerate. They are powerful global multinationals owning numerous international enterprises. The Korean word means "business family" or "monopoly" and is often used the way "conglomerate" is used in English. There are several dozen large Korean family-controlled corporate groups which fall under this definition. Through aggressive governmental support and finance, some have become well-known international brand names, such as Samsung, Hyundai and LG. Although the chaebol are powerful independent entities, they sometimes work with the government as a guide to their policies, particularly in the areas of future direction and innovation. The chaebol has also played a significant role in South Korean politics. In 1988 a member of a chaebol family, Chong Mong-jun, president of Hyundai Heavy Industries, successfully ran for the National Assembly. Other business leaders also were chosen to be members of the National Assembly through proportional representation. Since 2000, Hyundai has played a role in the thawing of North Korean and South Korean relations.