Part 4/9:
South Korea's rapid economic growth, post-Korean War, was driven by these family-run conglomerates which emerged with the government's backing to rebuild key industries. Companies like Samsung, LG, and Hyundai flourished, leading to what is referred to as "The Miracle on the Han River." Today, these chaebols contribute significantly to the national GDP, illustrating the concentration of wealth and power in the hands of a few.
However, this concentrated wealth has led to a cozy relationship between these families and the government. Over the decades, the public's admiration for chaebols has turned into frustration as multiple scandals have surfaced, revealing instances of bribery, embezzlement, and exploitation.