History of science and technology in Korea such as the division of Korea and the Korean War that occurred right after its independence. It wasn't until the 1960s 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. As of 2008 South Korea ranked 5th highest in terms of R&D. Park Kye-jung, CEO of Ace Electronics, won the Gold and Silver prizes for his invention of motor and motor-equipped gear at the 23rd Invention and New Product Exposition, he took the gold medal with his invention of a special device that converts vibrations from
Chaebol streams from overseas. All but 3 of the top 50 firms listed on the Korean Stock Exchange are designated as chaebol. Consequently, the chaebol have more bargaining power and oftentimes takes pricing action that squeezes both suppliers and consumers. Typically the firms down the supply chain fail to increase their profit margins enough to expand and thus never see growth. Collusion among the chaebol is commonplace. Price-fixing acts mean consumers expect to pay an inflated value for most goods and services. For instance, in 2012 Samsung and LG Electronics were fined for colluding to raise prices for home appliances. Since