Chaebol played a key role in developing new industries, markets, and export production, helping make South Korea one of the Four Asian Tigers. Although South Korea's major industrial programs did not begin until the early 1960s, the origins of the country's entrepreneurial elite were found in the political economy of the 1950s. Very few Koreans had owned or managed larger corporations during the Japanese colonial period. After the departure of the Japanese in 1945, some Korean businessmen obtained the assets of some of the Japanese firms, a number of which grew into the chaebol of the 1990s. The companies, as well
Chaebol to the full scope of the crisis and thus helped keep the Korean economy afloat. President Roh Moo Hyun pushed for even more extensive reform. His administration passed stringent regulations on fraudulent accounting, stock manipulation, and irregular wealth succession. The chaebol were forced to improve objectivity on their board of directors. Rather than having the decision-makers be insiders, affiliates, or family members, the chaebol were expected to hold representation who reflected the interests of investors, especially minority shareholders who gained a significant number of rights. As a result, it became easier for the chaebol to raise capital through equity rather