ABSTRACT
The transformation of South Korea in the post-Second World War period is significant for at least five reasons: the country went through an industrial revolution and, by 1996, had joined the ranks of the OECD. This spectacular economic development occurred under a system of authoritarian rule and through the use of chaebols (big conglomerates). With economic development, a democratic system emerged, replacing authoritarian rule. Under democratic rule, Korean big business has not managed to capture control of the state. Finally, in spite of its economic strength, Korean chaebols have been targeted by the state for corporate restructuring and downsizing.
