Korea has achieved remarkable economic growth over the last twenty-five years. The strong leadership and sound economic planning of the government were important elements of this growth. However, perhaps the most important driving force behind Korea's economic success has been a group of large business conglomerates, referred to as Chaebols. The economic and political power of these Chaebols is enormous. The total sales of the top five Chaebols exceeds 50% of Korea's GNP, while the total exports by the eight general trading companies owned by the eight largest Chaebols represents more than half of all Korean exports in 1985. This article discusses the unique characteristics, management style, and management practice of Korean Chaebols.
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