Chaebol

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A chaebol (/ˈtʃeɪbɒl, ˈdʒɛbəl/;^[1][2] Korean: 재벌, lit. 'rich family' or 'financial clique'; Korean pronunciation: [tɕɛ̝.bʌl]) is a large industrial South Korean conglomerate run and controlled by an individual or family.^[2] A chaebol often consists of multiple diversified affiliates, controlled by a person or group.^[3] Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.^[2]

Chaebol have also played a significant role in South Korean politics. In 1988, a member of a chaebol family, Chung Mong-joon, president of Hyundai Heavy Industries, successfully ran for the National Assembly of South Korea. Other business leaders were also chosen to be members of the National Assembly through proportional representation.^[4] Hyundai has made efforts in the thawing of North Korean relations, despite some controversy.^[5] Many South Korean family-run chaebol have been criticized for low dividend payouts and other governance practices that favor controlling shareholders at the expense of ordinary investors.^[6]