Chaeboˇl and the political economy of South Korean development, 1945–present

This chapter examines the growth and travails of the South Korean chaebǒl, which is critical in understanding South Korea’s rapid economic development. As unique South Korean business entities with distinct features, the chaebǒl warrant a close political and economic analysis. Chaebǒl’s evolution within the “rags to riches” story of South Korea’s post-colonial economic development is analysed in three periods with a focus on their dynamic relationship with the state, labour and global market: (1) the post-colonial period (1945–1960); (2) growth of the chaebǒl with South Korea’s rapid economic development from extreme poverty to prosperity (1960s–1980s); and (3) rise to global business groups (1990s–present).