History of science and technology in Korea such as the division of Korea and the Korean War that occurred right after its independence. It wasn't until the 1960s under the dictatorship of Park Chung-hee where South Korea's economy rapidly grew from industrialisation and the Chaebol corporations such as Samsung and LG. As of 2008 South Korea ranked 5th highest in terms of R&D. Park Kye-jung, CEO of Ace Electronics, won the Gold and Silver prizes for his invention of motor and motor-equipped gear at the 23rd Invention and New Product Exposition, he took the gold medal with his invention of a special device that converts vibrations from
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