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Essay / Research Paper Abstract
This paper discusses the concept of nepotism in Korean corporations, focusing on the chaebols, huge family-owned conglomerates in Korean that were, in part, responsible for the economy's collapse. The paper attempts to bring an objective view in terms of this topic. Bibliography lists 8 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTnepkor.rtf
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Unformatted sample text from the term paper:
the South Korean economy has been, for the most part, controlled by families who have formed huge conglomerates. What would be considered nepotistic practices, and therefore anathema, by Western business
standards, is considered normal (and in some circles, even acceptable) by South Korean business leaders - if not the South Korean populace.
But how important are these family conglomerates to South Korea? Could they be broken apart? The answer is that these businesses are basically what is keeping South Korea economically alive,
even while they helped precipitate the collapse of its economy back in 1997 because of reckless borrowing practices and accumulation of huge amounts of debt. The answer to the other
question is that, while the Korean government is attempting reform of the corporations, they are proving to be stubborn entities, partly because it is like trying to reform family -
which is difficult in a country like Korea, which places great emphasis on respect toward family patriarchs and authority. The Chaebols Many
of South Koreans largest businesses have been or are currently controlled by family-controlled conglomerates known as chaebols (The Economist (b) 6). The chaebols have controlled a great deal of South
Korean business - at one point, Hyundai, Daewoo, Samsung, LG and SK, the five largest chaebol, had hundreds of subsidiaries between all of them (The Economist (b) 6). As of
now, Daewoo exists no longer, and Samsung is owned, in part, by outside foreign investors. Although some of the chaebols have
had spectacular collapses - Daewoo, for one - the family-owned conglomerates are still the driving forces of the Korean economy and could spell its success or further disaster (Larkin (a)
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