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 chaebol had become financially independent and secure, thereby eliminating the need for further government-sponsored credit and assistance. By the 1990s, South Korea was one of the largest newly industrialized countries and boasted a standard of living comparable to industrialized countries. President Kim Young-sam began to challenge the chaebol, but it was not until the 1997 Asian financial crisis that the weaknesses of the system were widely understood. Of the 30 largest chaebol, 11 collapsed between July 1997 and June 1999. Initially, the crisis was caused by a sharp drop in the value of the currency and aside from immediate cash