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
Etiquette in South Korea the holidays, South Koreans give gifts to their parents and superiors, such as ribs, fruit, wine, and/or gift cards. Neighbors often receive cooking oil, a can of tuna, or laver. In South Korea, going to a funeral involves praying for the deceased person to rest in heaven, and is related to filial piety. Funerals and rituals are ceremonies organized by family and it is considered their responsibility to oversee them. Recently, funeral customs have significantly changed. For example, many people now prefer to have small funerals and be cremated rather than buried. In South Korea, the phrase “condolence call” means