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Chaebol
A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exceeds legal authority. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972. Chaebols 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 were also chosen to be members of the National Assembly through proportional representation. Hyundai has made efforts in the thawing of North Korean relations, despite some controversy. Many South Korean family-run chaebols have been criticized for low dividend payouts and other governance practices that favor controlling shareh ...
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Kim Young-sam
Kim Young-sam (; or ; 20 December 1927 – 22 November 2015) was a South Korean politician and activist who served as the seventh president of South Korea from 1993 to 1998. From 1961, he spent almost 30 years as one of the leaders of the South Korean opposition, and one of the most powerful rivals to the authoritarian regimes of Park Chung-hee and Chun Doo-hwan. Elected as president in 1992, Kim became the first civilian to hold the office in over 30 years. He was inaugurated on 25 February 1993, and served a single five-year term, presiding over a massive anti-corruption campaign, the arrest of his two predecessors, and an internationalization policy called ''Segyehwa''. At the final years of his presidency, Kim had been widely blamed for the collapse of the Seongsu Bridge and the Sampoong Department Store and the downturn and recession of the South Korean economy during the 1997 Asian financial crisis, which forced South Korea to accept tens of billions of dollars i ...
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South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has a Demographics of South Korea, population of 51.75 million, of which roughly half live in the Seoul Capital Area, the List of metropolitan areas by population, fourth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its Gojoseon, first kingdom was noted in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea into Unified Silla, Silla and Balhae in the ...
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Hyundai Group
Hyundai Group (; ) is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second chaebol. Chung Ju-yung was directly in control of the company until his death in 2001. The company spun off many of its better known businesses after the 1997 Asian financial crisis and founder Chung Ju-yung's death, including Hyundai Motor Group, Hyundai Department Store Group, and Hyundai Heavy Industries Group. The Hyundai Group now focuses on elevators and tourism to Mount Kumgang. Etymology The name "Hyundai" comes from the Korean word (hanja form), which means "modernity". History * In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by Chung Ju-yung. Hyundai Construction began operating outside of Sou ...
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Park Chung Hee
Park Chung-hee (, ; 14 November 1917 – 26 October 1979) was a South Korean politician and army general who served as the dictator of South Korea from 1961 until his assassination in 1979; ruling as an unelected military strongman from 1961 to 1963, then as the third President of South Korea from 1963 to 1979. Before his presidency, he was the second-highest ranking officer in the South Korean army and came to power after leading a military coup in 1961, which brought an end to the interim government of the Second Republic. After serving for two years as chairman of the military junta, he was elected president in 1963, ushering in the Third Republic. During his rule, Park began a series of economic reforms that eventually led to rapid economic growth and industrialization, now known as the Miracle on the Han River, giving South Korea one of the fastest growing national economies during the 1960s and 1970s, albeit with costs to economic inequality and labor rights. This e ...
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Zaibatsu
is a Japanese term referring to industrial and financial vertically integrated business conglomerates in the Empire of Japan, whose influence and size allowed control over significant parts of the Japanese economy from the Meiji period until the end of World War II. A ''zaibatsu'' general structure included a family-owned holding company on top, and a bank which financed the other, mostly industrial subsidiaries within them. Although the ''zaibatsu'' played an important role in the Japanese economy from the 1860s to 1945, they increased in number and importance following the Russo-Japanese War of 1904–1905, World War I and Japan's subsequent attempt to conquer East Asia during the inter-war period and World War II. After World War II they were dissolved by the Allied occupation forces and succeeded by the '' keiretsu'' (groups of banks, manufacturers, suppliers, and distributors). Equivalents to the ''zaibatsu'' can still be found in other countries, such as the '' chaeb ...
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Industrial Policy
An industrial policy (IP) or industrial strategy of a country is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation." A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of the wider economy and so often has a key role in IP. Industrial policies are interventionist measures typical of mixed economy countries. Many types of industrial policies contain common elements with other types of interventionist practices such as trade policy. Industrial policy is usually seen as separate from broader macroeconomic policies, such as tightening credit and taxing capital gains. Traditional examples of industrial policy include subsidizing export industries and import-substitution-i ...
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Agriculture
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. The history of agriculture began thousands of years ago. After gathering wild grains beginning at least 105,000 years ago, nascent farmers began to plant them around 11,500 years ago. Sheep, goats, pigs and cattle were domesticated over 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. Industrial agriculture based on large-scale monoculture in the twentieth century came to dominate agricultural output, though about 2 billion people still depended on subsistence agriculture. The major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials (such as rubber). Food classes include cereals (grains), vegetables, fruits, cooking oils, meat, m ...
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Seoul Square
Seoul Plaza is a central plaza located in front of Seoul City Hall at Taepyeongno, Jung-gu in Seoul, South Korea. It was reopened on 1 May 2004, by Seoul Metropolitan Government, with the purpose of providing the public an open space. It is part of the City's plans for environmentally friendly renovation projects such as the Cheonggye Stream and Gwanghwamun Plaza. Description The site was originally a traffic square with a 40-year-old fountain that was demolished and the nearby space was renovated. Seoul Plaza is elliptical in shape, covering 3,995 pyeong (13,207 m2) in total and 1,904 pyeong (6,294 m2) for grass area. An underground water tank was installed along with 48 lighting around the grass square. The underground tank stores rain water for use in the sprinklers on the lawn. The plaza has been the site of protests against US beef imports in South Korea, and Korea Queer Culture Festival. The plaza was also the Starting Line of ''The Amazing Race Australia 4''. Administrat ...
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Newly Industrialised Countries
The category of newly industrialized country (NIC), newly industrialized economy (NIE) or middle income country is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing countries whose economic growth is much higher than other developing countries; and where the social consequences of industrialization, such as urbanization, are reorganizing society. Definition NICs are countries whose economies have not yet reached a developed country's status but have, in a macroeconomic sense, outpaced their developing counterparts. Such countries are still considered developing nations and only differ from other developing nations in the rate at which an NIC's growth is much higher over a shorter allotted time period compared to other developing nations. Another characterization of NICs is that of countries undergoing rapid economic growth (usually export-oriented). Incipient or ongoing indust ...
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Monopoly
A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a specific person or company, enterprise is the only supplier of a particular thing. This contrasts with a monopsony which relates to a single entity's control of a Market (economics), market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic Competition (economics), competition to produce the good (economics), good or Service (economics), service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise ...
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Syngman Rhee
Syngman Rhee (, ; 26 March 1875 – 19 July 1965) was a South Korean politician who served as the first president of South Korea from 1948 to 1960. Rhee was also the first and last president of the Provisional Government of the Republic of Korea from 1919 to his impeachment in 1925 and from 1947 to 1948. As President of South Korea, First Republic of Korea, Rhee's government was characterised by authoritarianism, limited economic development, and in the late 1950s growing political instability and public opposition. Authoritarianism continued in South Korea after Rhee's resignation until June Democratic Struggle, 1988, except for a few Second Republic of Korea, short breaks. Born in Hwanghae Province, Joseon, Rhee attended an American Methodist school, where he converted to Christianity. He became involved in Anti-Japanese sentiment in Korea, anti-Japanese activities after the 1894–95 First Sino-Japanese War and was imprisoned in 1899. Released in 1904, he moved to the Unite ...
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Four Asian Tigers
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1960s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia. In 1993, a World Bank report ''The East Asian Miracle'' credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies, low taxes and minimal ...
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