Chaebol the claim that in order to be a competitive economy more power must be given to the chaebol. In recent years, the leading political parties of South Korea have reversed their pro-large corporate stance to one of economic diversification. Under Kim Dae-Jung and in the wake of the 1997 Asian Financial crisis, many reforms were made to the chaebol. Most of these changes pertained to corporate structure, transparency in financial reporting, corporate governance, and debt stabilization. In 1997, the IMF provided a bailout loan of $60 billion conditional on revision. Distressed financial institutions were to be closed down and those
Telecommunications in South Korea than 100 radio stations were broadcasting. Transistor radios and television sets have made their way to the most remote rural areas. Television sets, now mass-produced in South Korea, became far less expensive; most city people and a significant number of rural families owned or had access to a television. Ownership of television sets grew from 25,000 sets when broadcasting was initiated in 1961 to an estimated 8.6 million sets in 1987, and more than 250 television stations were broadcasting. There are three mobile phone service providers: SK Telecom, KT and LG Uplus. South Korea has six national terrestrial television networks