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The Korean Chaebols are international corporations in terms of size However because in terms of corporate governance the founder of corporations and their family have the monopolistic ownership and management control thus we can simply say that Chaebols are in family business Except the size of Chaebols their characteristics are similar to Italians small and medium sized business because they are Confucian based and family based business Thus Chaebols are the biggest family corporations However with governance structure of chaebols form a small family-owned company was the driving force behind the growth of the Korean economy in the past In this idea Chaebols are the players the role of locomotive in South Korean economy and they made great efforts to achieve to make rate Korean GDP Gross Domesitc Price to two digitsChaeobols are structured with many firms in horizontally and vertically The origins of Chaebols can be traced back to the Japanese colonial period in the 1940s In addition the Korean chaebol played a full-fledged role as the engine of economic growth from 1960s under the the military regime Cheabols were protected from government than they could develop in light industaries and heavy industires as well Plus they could lead South Korean ecnomony with automotive business and semiconductor business into the global level because they had massive capital and human resoucrese to support light and heavy industries Before the Asian Financial Crisis Korean economy was boosted with Chaebols centered business From 1965 to 1995 its growth of GDP was 72 percent while Southeast Asias and Latin Americas were 21 percent and Korean GDP was keep growing until 1997 before the crisis Korea confronted the crisis in 1997 indeed in order to prevent Default International Monetary Funds IMF was needed for help The chaebols were fascinated by many foreign scholars especially to westerners Many scholars investigated about Chaebols however when the crisis was confronted in Korea they asserted that the Chaebols were the failure and scholars
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