The Third Republic saw the first major growth of the "chaebol", the large industrial conglomerates in South Korea that are run and controlled by an owner or family. When the Supreme Council came to power in 1961, they promised to tackle the corruption in the business world that had plagued the First Republic, and this was continued by the new government. However, despite some leading industrialists being arrested and charged with corruption, the new government realized that it would need the help of entrepreneurs if the government's ambitious plans to modernize the economy were to be fulfilled. A compromise was reached, under which many of the accused corporate leaders paid fines to the government. Subsequently, there was increased cooperation between corporate and government leaders in modernizing the economy.