South Korea is world-renowned for its Chaebol, the family owned conglomerates which became the driving force of the nation’s economic might in the early 1960s. The companies in this elite group — Samsung, LG, Hyundai — have become global household names over the last few decades, and the country owes much of its prosperity to these giants of worldwide industry.
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Move over Chaebol
Domestically and more recently however, Korea’s business scene is in the throes of a serious shake-up. In a culture in which risk is avoided, failure is unacceptable, and stability is revered, it’s hardly surprising that generations of parents have pushed their children to aspire to one day work for the Chaebol. It has been the safe option for an entire generation but at a cost. Business development at home has suffered as the Chaebol monopolised the hiring of South Korea’s best and brightest.
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