Chaebol the claim that in order to be a competitive economy more power must be given to the chaebol. In recent years, the leading political parties of South Korea have reversed their pro-large corporate stance to one of economic diversification. Under Kim Dae-Jung and in the wake of the 1997 Asian Financial crisis, many reforms were made to the chaebol. Most of these changes pertained to corporate structure, transparency in financial reporting, corporate governance, and debt stabilization. In 1997, the IMF provided a bailout loan of $60 billion conditional on revision. Distressed financial institutions were to be closed down and those
Youth unemployment in South Korea future employment and wages in the job market. The three universities Korean students aim for are Seoul National University, Korea University, and Yonsei University also known as S.K.Y. These universities provide the connection needed to be employed in government or in family-owned conglomerates (chaebols) that come with employee benefits. Before the Suneung begins, Korean parents prepare for years in their children's education by investing thousands of dollars in tutoring and private education. Around 100,000 hagwons (Korean cram/private schools) are in South Korea. In 2010, around 75% of students attended private education. In 2017, over 80% of all Korean students attended