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 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