Democratic Republican Party (South Korea) combination of state and corporate chaebol power pioneered by the party continues to be deeply built into the foundations of the South Korean economic system. Following the promulgation in October 1972 of the Yushin Constitution, which implemented numerous authoritarian centralizing measures such as the direct appointment of a third of the National Assembly by the President, the DRP assumed an unprecedented level of political power. For the next eight years, South Korea was essentially a one-party state ruled by the DRP. After Park's assassination on 26 October 1979 and the seizure of power by Chun Doo-hwan in the coup d'état
Chaebol high-ranking politicians so that it could secure contracts for large government projects over its competitors. Hanbo went bankrupt in the 1997 after defaulting on debt payments along with other governance issues. Numerous chaebol companies had similar private agreements with the government in this fashion. It would be most common in companies dealing with heavy industries or projects that involved government procurement and urban planning. In the past, most successful political elections were won with the support of the chaebol. Each time a new administration or regime stepped in, it would gear its policy platform towards chaebol revitalization. This was under