Chaebol

Chaebol
Hangul
Hanja
Revised Romanization	Jaebeol
McCune–Reischauer	Chaebŏl
IPA	[tɕɛ̝bʌl]

A chaebol (/ˈtʃeɪbɒl/, Korean: 재벌, Korean: [tɕɛ̝bʌl]; from chae "wealth or property" + bol "faction or clan" – also written with the same Chinese characters 財閥 as Zaibatsu) is a South Korean form of business conglomerate. They are typically global multinationals and own numerous international enterprises, controlled by a chairman with power over all the operations. The term is often used in a context similar to that of the English word "conglomerate". The term was first used in 1984. There are several dozen large Korean family-controlled corporate groups which fall under this definition.

The chaebol have also played a significant role in South Korean politics. In 1988, a member of a chaebol family, Chung Mong-joon, president of Hyundai Heavy Industries, successfully ran for the National Assembly of South Korea. 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.

South Korea's economy was small and predominantly agricultural well into the mid-20th century. However, the policies of President Park Chung Hee spurred rapid industrialization by promoting large businesses, following his seizure of power in 1961. The First Five Year Economic Plan by the government set industrial policy toward new investment, and the chaebol were to be guaranteed loans from the banking sector. The chaebol played a key role in developing new industries, markets, and export production, helping place South Korea as one of the Four Asian Tigers.

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