South Korean conglomerates
Jaebeol (
chaebol,
재벌;
財閥 in
Korean), meaning
conglomerates, have been a major force in the
South Korean economy from the end of the
Korean War through to today. Although the last three South Korean presidents (
Kim Young-sam,
Kim Dae-jung, and
Roh Moo-hyun) have all tried to reform the
jaebeols to one degree or another - especially after the
Asian financial crisis of 1997 - they continue to play a major role in the national economy. Two
jaebeol (Hyundai and SK Group) have been implicated in separate scandals involving Presidents Kim Dae-jung and Roh Moo-hyun. More positively, Hyundai has been instrumental in the slight thawing of relations between
North and South Korea since 2000.
Some of the jaebeols are one large corporation, while others have broken up into loosely connected groups of companies sharing a common name. Many South Korean jaebeols have become household brand names in the west. Some of the more notable present and former conglomerates include:
See also