Jaebeol

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Korean spelling
Korean alphabet : 재벌
Hanja : 財閥
Revised Romanization : Jaebeol
McCune-Reischauer : Chaebŏl

Jaebeol ( German  'rich clan' from jae 'wealth', 'possession' and beol 'clan', 'clan'), mostly also chaebol in numerous media , is the Korean term for a large family company that usually consists of different branches , So a conglomerate (conglomerate) is.

The Jaebol system - the core structure of the South Korean economy

From a social science perspective, the Jaebol are groups of family businesses whose capital shares are concentrated within the Jaebols and are only rarely or only partially traded on stock markets. Since South Korean law prohibits the formation of holding companies, the sole proprietorships are held together by close family ties.

The network relationships within the founding family enabled the formation of largely unbureaucratic and autocratic decision-making systems that established a “factual group formation” as the core structure of the South Korean economy. Very good economic results have been achieved with this system for decades.

Historical meaning

The largest Jaebeols emerged between the Second World War and the Korean War , but it was not until the "early days" of the 1960s and 1970s that they rose to become the dominant force in South Korea's economy . During this time, the model of family-controlled corporate groups typical of South Korea prevailed, which are characterized by high decision-making speed and the ability to change compared to other large bureaucratic corporations. Their traditionally good relations with the state and banking system as well as the high functionality of their corporate structures opened up competitive advantages for the Jaebols on their way to the center of the world economy - a path that was mapped out by the limited capacities of their domestic market .

Although the South Korean government has tried to reverse the influence of the Jaebeols since the 1997 Asian crisis , they remain a determining factor in the South Korean economy. This also corresponds to the importance of the former zaibatsu ( keiretsu ) in the Japanese economy.

Important jaebeols

literature

Individual evidence

  1. ↑ chaebol . Merriam-Webster. Retrieved August 30, 2011.
  2. ↑ In October 2000, this regulation for the financial industry was relaxed, but with strict requirements (see Financial Holding Company Act  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link accordingly Instructions and then remove this notice. ).@1@ 2Template: Dead Link / www.glin.gov  
  3. ↑ See Markus Pohlmann: South Korea's company . In: Thomas Kern, Patrick Köllner (eds.): South Korea and North Korea. Introduction to history, politics, economics and society . Campus, Frankfurt / New York 2005, ISBN 978-3-593-37739-1 , p. 128 f .
  4. ↑ See Markus Pohlmann: South Korea's company . In: Thomas Kern, Patrick Köllner (eds.): South Korea and North Korea. Introduction to history, politics, economics and society . Campus, Frankfurt / New York 2005, ISBN 978-3-593-37739-1 , p. 130-133 .
  5. ↑ See Markus Pohlmann: South Korea's company . In: Thomas Kern, Patrick Köllner (eds.): South Korea and North Korea. Introduction to history, politics, economics and society . Campus, Frankfurt / New York 2005, ISBN 978-3-593-37739-1 , p. 122-125 .
  6. ↑ Chunhyo Kim: Samsung, Media Empire and Family: A Power Web . Routledge, 2016, ISBN 978-1-317-36293-7 , pp. 37 ( limited preview in Google Book search).

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