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
Multicultural family in South Korea some cases, refugees escape North Korea with their family members, but policies are also designed for those who start a new family in South Korea. The final category includes ethnic-Korean families who were born and raised in China or Russia with a unique Korean culture, and settled in South Korea for the purpose of immigration, employment while their ancestors left Korea with various background. Children of multicultural families are defined as children born between spouses of Koreans and foreign residents with different cultural background. At first, children of multicultural families were called "Kosian" or mixed-blood. Later, people started to use