South Korea under the dictatorship of Park Chung-hee where South Korea's economy rapidly grew from industrialisation and the Chaebol corporations such as Samsung and LG. Ever since the industrialization of South Korea's economy, South Korea has placed its focus on technology-based corporations, which has been supported by infrastructure developments by the government. South Korean corporations Samsung and LG were ranked first and third largest mobile phone companies in the world in the first quarter of 2012, respectively. An estimated 90% of South Koreans own a mobile phone. Aside from placing/receiving calls and text messaging, mobile phones in the country are widely used
Chaebol the Korean word "jaebeol" (, from "jae" "wealth or property" + "beol" "faction or clan" – also written with the same Chinese characters 財閥 as Zaibatsu in Japan). The word entered English use in the 1980s. South Korea's economy was small and predominantly agricultural well into the mid-20th century. However, the policies of President Park Chung Hee spurred rapid industrialization by promoting large businesses, following his seizure of power in 1961. The First Five Year Economic Plan by the government set industrial policy toward new investment, and the chaebol were to be guaranteed loans from the banking sector. The chaebol