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 debt and are less vulnerable to similar crises, as was demonstrated in the 2008 crisis. With the growth of the fewer remaining chaebols however, each now occupies a larger portion of the economy. The protectionist policies and preferable government treatment granted the chaebol the ability to exhibit monopolistic behavior. The absence of a market free of intervention meant that "true competition" became a rarity in South Korea. Especially in the era prior to the IMF crisis, the only products available to the Korean people were those made by the chaebol. Therefore, the social fabric of the country lacked an entrepreneurship