Chaebol Chaebol A chaebol (; ) is a large industrial conglomerate that is run and controlled by an owner or family in South Korea. A chaebol often consists of a large number of diversified affiliates, controlled by an owner whose power over the group often exceeds legal authority. The term is often used in a context similar to that of the English word "conglomerate". The term was derived from the Japanese. It was first used in English in 1984. There are several dozen large South Korean family-controlled corporate groups that fall under this definition. The chaebol have also played a significant
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