Miracle on the Han River brief compared to other countries who experienced similar situations. Chaebol refers to corporate groups in South Korea, mainly run by families, that exercise monopolist or oligopolist control over product lines and industries. They can be compared with conglomerates of the United States and the Zaibatsu of Japan. Sometimes the Korean military itself is considered a chaebol. During the industrialization period of South Korea, President Park Chung-hee supported the rise of chaebol groups, facilitating the growth of these groups in order to trigger economic growth. Inside the operations of chaebol groups, there are many branches that family members control and operate.
Chaebol years the trend of selling internationally has been seen among aspiring Korean entrepreneurs. Conversely, the chaebol have also been moving money abroad with the tacit endorsement of the South Korean government and investing in commercial enterprises, particularly in Koreatown Manhattan, New York City. To this day, the chaebol maintain dominance across all industries. Reductions in tariffs and removal of trade regulations designed to protect Korean conglomerates has led to increasing competition from abroad. However, among domestic firms the chaebol have kept their market share intact. Most notably, Apple's entry into the smartphone market pressured rival Samsung into diversifying its revenue