absolutelyshafted t1_iwxi4h9 wrote on November 19, 2022 at 2:32 AM

Reply to comment by Lolumo in TIL in response to infamously high suicide rates at Mapo Bridge in Seoul, South Korea, the bridge was adorned with suicide prevention messages and uplifting photos. These measures weren't enacted by the government, however, instead the entire project was financed by Samsung's life insurance division by evilclownattack

Yep. Cheaebols are essentially massive industrial conglomerates which also have very strong presence in the government

matty_low t1_iwxym4l wrote on November 19, 2022 at 5:06 AM

So basically a state-run company?

MrCowBells t1_iwxz3k1 wrote on November 19, 2022 at 5:12 AM

State-run company would be more like socialism/Communism. The idea of the Chaebols is more like oligarchy of several different (sometimes intertwined via marriage) family run conglomerates.

So more like company-run state?

It's changing a little but it's a very slow change. I think Samsung recently toyed with the idea of putting a non-family member in charge for a bit and then backed out.

dishonourableaccount t1_iwy1emi wrote on November 19, 2022 at 5:37 AM

Imagine a European noble family saw the winds of change coming, and prior to getting merged into a larger empire or ousted in a revolution, decided to just get into business. Or imagine the Rockefellers, Fords, and Waltons on steroids (and lasting centuries instead of fizzling into nothing in 3 generations or so).

dmthoth t1_ixldqou wrote on November 24, 2022 at 8:42 AM

Yeah exactly. If you ask any actual economist who knows about east asian economic systems, they would say so. But ignorant basic redditors have this strange 80s/90s dystopian cyberpunk wet dream(mostly based on anti-asian stereotype) and want to depict east asain countries the way how mainstream western media have been for decades. So it is basically a meme.

South korea had economy driven by government until asian financial crisis in 1997. Chaebol was born by dictator general park in 60s/70s to micro-mange every indistrial sectors/trading goods and boost investment when south korea did not have much manufacturing industry back then. The entry to each industrial sectors was ristricted for only 2-3 chaebols to promote competition and they were never allowed to own bank(they are still not allowed by the laws) but government mainly used carrot and stick policy. For that reason they are definately not immune to conviction for corruption or embezzlement etc. South korean justice system naver hesitated to send chaebol to prison. However in many cases they got lesser sentences or received pardon when they make a deal with the government. For example, samsung CEO Lee got his pardon right after he made a deal to build semi-conductor factory in the US. And government never allows them to pay less taxes. South korea is still one of the countries with highest corporation tax rate.

Many south koreans hates chaebols because they are exploiting their employees & subcontractor and decepting consumers, not because they are in charge on nation, as many people on reddit want to believe. And that kind of shit happens all over the globe. What kind of country ran by private corporation has single-payer universial healthcare, mandatory paid leave(parenting, sick, vacation), national pension program, unemployment benefits, child benefits, basic income, etc etc? What does it make the US?

What happens if one of chaebol want to get out of leash? Well, look what happend to Chung Mong-hun, the founder of Hyundai group.

The most poweful and influencial interest group in south korea is actually the prosecutory authority. And current conservative president is one of them.