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CHAEBOLS AS THE BASIS OF EXPORT-ORIENTED ECONOMY OF THE REPUBLIC OF KOREA
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CHAEBOLS AS THE BASIS OF EXPORT-ORIENTED ECONOMY OF THE REPUBLIC OF KOREA
Annotation
PII
S0321-50750000591-6-1
Publication type
Article
Status
Published
Authors
Anna Titova  Zoia Podoba
Edition
Issue №3
Pages
33-40
Abstract
The paper provides an analytical overview of the phenomenon concerning the establishment and successful functioning of financial-industrial groups (chaebols) in Republic of Korea and their role in export-oriented industrialization. The distinctive features of chaebol have been identified, namely the family principle of ownership, the extensive system of subsidiaries in various sectors of the economy, flexible financial structure, good planning, and export dominance. Comparative characteristics of the Korean chaebol, Japanese zaibatsu, and keiretsu, as well as Western conglomerates are given. Furthermore, the current paper highlights the role of chaebols in the modern economic development of the Republic of Korea. The authors conclude, that the significance of family conglomerates in the country's economy has continued to grow at the beginning of the 21st century. The case of Samsung Group was chosen to demonstrate the chaebol's ownership structure and family ownership system. Finally, in-depth study examines the main strengths and weaknesses of the chaebols. Korean conglomerates' positive characteristics include efficiency in decision-making; a high degree of entrepreneurial activity, proved to be effective in a market economy; focus on long-term results in contrast to companies with hired professional managers, who are oriented to immediate achievements. The high concentration of export goods allows chaebols to make big profits and invest in research and development. Despite reasonable criticism for corruption; the concentration of power, distorting market competition; persecution of personal interests of the family owners, chaebols in many respects shape the competitiveness of the Korean economy, ensuring the position of one of the leaders of global industrial production.
Keywords
the Republic of Korea, economic miracle, chaebols, export-oriented industrialization
Date of publication
01.03.2018
Number of purchasers
8
Views
1609
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0.0 (0 votes)
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