Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Women in South Korea Women in South Korea Women in South Korea have experienced significant improvements for social changes in recent years, compared to previous times, when Confucianism was deeply imbued in the culture. In today's society, the economy of South Korea has tremendously improved due to urbanisation, industrialisation, military authoritarianism, democratic reform, and social liberalisation since the late 1960s. Thus, gender roles and gender identities eventually have been modified as a result to changing modernity. More than the half of Korean women are employed and furthermore, more than 25% of married women are employed as full-time workers. In politics, although there are not