Chaumbol Culture Case Study

Chaebol culture

A Chaebol is a South Korean business conglomerate that is owned by a single family. During the 1960s, South Korea was faced an arduous task of restoring the normal life and reinvigorating the industries. In order to reach the rapid industrialization by promoting large businesses, the Chaebols were able to be guaranteed loans from the banking sector due to the policies of president Park Chung Hee.

From 1960s to 1990s, from basic commodities industry to high precision manufacturing industry, the cooperation between government and the Chaebols was essential to the subsequent economic growth and later achieved the world know “Miracle on the Han River”.

Even though the Chaebols system had an enormous contribution to the rapid growth and led South Korea to the international stage, the Chaebol also brought many negative impacts on the Korean economy. In the process of rapid economic development in South Korea, they were taken as an economic energizer regardless of the sacrifices of the small and medium-size enterprises. During the process to help developing the Chaebols, the collusion between businessmen and government officials, bribery and the gap between the poor and the rich became threatening problems to the South Korean society.It is the Chaebols that pushed the growth of the economics, however, it is also the Chaebols

For example as the idol drama “Byeoreseo On Geudae” was broadcast all over the world, the number of people who came to South Korea to visit iconic scenes had rapidly increased. Most of these visitors were from China these had led to the establishment of visa policies such as “Jeju island visa policy”, “Seoul transfer 72 hours in transit policy”. These favorable conditions, no doubt spurred young Chinese fans to visit South Korea in seeks of their idolism dream. Statistics from the Shanghai airport station shows that the number of