ABSTRACT
Korean entrepreneurship initially emerged during Japanese colonialization, received momentum during the chaotic post-liberation period after 1945, and developed full strength by taking advantage of the economic development policies of military governments after 1961. Within a few decades, fragile and obscure Korean businesses became mighty chaebols (business groups) which, triggered by the seeking of ever new growth opportunities, diversified across a wide range of manufacturing and non-manufacturing industries. While the relative standing and ranking of chaebols was changing quickly due to fierce competition in a dynamic and volatile environment, five groups were particularly successful: Samsung, Hyundai, LG, SK, and Daewoo. With the exception of Daewoo, which became bankrupt during the Asian financial crisis in 1999, these groups have maintained the top ranks among Korean conglomerates until today.
