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
Chaebol songs that reiterate the production goals of the firm. Even though the chaebol system helped bring about rapid growth and helped Korea launch itself on the international stage, it caused negative impacts on the Korean economy: The origins of the chaebol system in South Korea come as consequence of the Korean War. The war resulted in much destruction and halted industrial production, which led the government to print money to pay for the war and meet requirements of the United Nations forces for the Korean currency, all of which caused mass inflation. This inflation caused many commodity prices to double