Well, they could've stop at $10 million or 100 million, and enjoy early retirement. They coud enjoy awesome life, partying all day everyday with celebrities and supermodels. But no, fortunately for us all, they choose to continue and climb ever higher, past 1 billion, 10 billions, 100 billions, on and on. This spirit is what enabled our civilization grow so rapidly within single lifetime. Look at all the heroes, kings, and emperors of the past.. the greedy and the ludicrous, who build great monuments and vast empire were the one that make it into history. Vision and ambition are what separates us humans from other animals.
South Korea is the definition of oligarchy aka late stage capitalism. Nobody ever taught us that the board game monopoly is actually based on real life and that game never ends well.
Idiots living in first world countries have the luxury of crying about late stage capitalism. The Chaebols were/are major stake holders in Korean industrial policy they got to were they are not because of MSMEs(Taiwan did that and they are a one trick pony excelling in Electronics Industry and no where else). Everything is late stage capitalism for you lot. You need internationally competitive domestic manufacturing corporations and that is expensive hence why these general trading companies come out on top by reaching into multiple sectors. This isnt evil or catastrophic, this is just how countries without natural resources like develop(unlike Canada and Australia). USA had extremely productive land and decades of security and deep pockets to restructure their industry and still be able to compete. SK is sandwiched between China, NK and Japan two of whom are nuclear armed states. Sanctimonious liberal delusions is a luxury for them. That being said South Korea should definitely increase its top marginal income tax rate.
but they gave the people a better life. korean oligarch lifted out millions of koreans out from poverty and increased quality of life. so they aren't evil as you taught.
but they gave the people a better life. korean oligarch lifted out millions of koreans out from poverty and increased quality of life. so they aren't evil as you taught.
@@user-xv7il4hk6i No other country has elites that constantly show off getting away with breaking the law and even autocratic countries don't have irreplaceable elites that they can't purge for corruption.
Koreans do not have much antipathy toward chaebols. This is because large companies such as Samsung, SK, LG, and Hyundai make money through exports. Because they earn money through exports, the government gives them preferential treatment. If growth was achieved through domestic demand, it would be difficult to expect a favorable attitude from the government.
@@eemoogee160actually it’s even worse. At least you know who you are up against in a dictatorship. In a corrupt democracy you are literally being tricked with an illusion of choice, you will be distracted and caught up in “my party vs your party,” while the actually powerful oligarchs quietly giggles at you feeling happy that you have “a say” in politics
@@eemoogee160 If it's under corrupted capitalism democracy, everything will revolve around profit from the day you're born. It's just another form of dictatorship system.
The same story is now unwinding in India. Some of the chaebols of India are: 1. Ambani (Reliance industries) 2. Adani (Adani ports) 3. Tata (Tata Sons) 4. Mehta (Rajesh exports) 5. Infosys
Same with every other nations in Europe to Asia, even Middle East and Africa. Only very few rich & powerful families controlling the wealth & resources.
That Infosys co founder told that people in india should work 70hrs a week while his daughtet is enjoying hid dady money. Heck she even got Rishi Sunaks wealth after he transferred it to her before becoming the pm of uk
Think this article is more from SME business point of view & few corrupt people rather than the people, whose income has increased from 130$ to 33000$ resulting in a developed economy.
I don't know if you are korean or not but I am getting very frustrated with this line of thinking. YES every capitalist society have issues that are similar to the ones experienced in South Korea. However, this line of thinking drastically minimizes the blatancy and severity of the corruption and societal impacts these korean oligarchs (chaebols) have on regular Korean citizens and Korean culture at large. Imagine if Steve Jobs (Apple -> Samsung Electronics) 'negotiated' with the US government to acquire Lockheed Martin (Korean Defense contracts); operated GEICO (Samsung Insurance) and JP Morgan (Samsung Investments) by acquiring controlling stakes, and also bought out NVDIA (Samsung Semiconductors); Owned Pfizer (Samsung Biologics). They are actually big players in other industries including shipbuilding, theatres, shopping malls, and the list - actually - goes on. All the while ignoring worker safety, enforcing draconian labor policies (80+hour work weeks), underpaying workers while also bribing officials to influence monopolistic policies and committing accounting fraud to maintain their profit line. imho, they are the reason why korea has the lowest birthing rate in the WORLD at < 0.7 births per couple. (no money, no time) YES other countries have low birth rates too but like at the 1.0-1.5 range. Your argument ignores the large difference in severity and blatancy of the corruption and undermining of ethics and common decency
Japan was also like that before World War II, but it was not in a situation like the current South Korea because it lost the war and forced the United States to dismantle the chaebols.
Yes! That system was adopted in South Korea during the Japanese occupation of Korea. It’s a traditional Japanese system that still runs in Korea. ‘zaibatsu’ is the Japanese term.
I guess the current Chaebol system is a (huge) side effect of trying to catch up to the world, that was decades ahead in the race, therefore having to focus whatever we had on a handful of companies, hoping they would succeed globally against established competitors.
that is bc the chaebols were founded when park chung hee, who made some career in the japanese imperial army, seized power in SKorea by military coup and ruled the country until he was assacinated in 1979
Actually, Japan still has this system in place and still active. It's naive to think Japan blushed it off when their economy is virtually run by these large Japanese companies are also family dominated businesses.
@@ytn00b3 Japan is amateur. Those corporations are actually not run by families. (Even the Toyota family owns only 0.1 - 0.2% of Toyota Motor Corporation's stocks.) Korea is more like Sweden, which is even more massively dominated by a number of families, particularly by one family, the Wallenbergs. They are one of the most influential families in all of Europe, renowned for its influence in banking, politics, diplomacy, and the industrial landscape. In the 1970s, already, businesses under their control employed 40% of Sweden's industrial workforce and represented 40% of the Stockholm Stock Exchange's total worth.
Not in China, you can't control the government there. you fk around, you find it out really fast. Ask Jack Ma, and the company didi. There is no elite families in China.
then come and live korea and then evaluate this country. You dont know anything about korea lolololol just watching the media and saying WOW korea has the lowest birth rate, WOW Jaebuls are really strong, the westerners and chinese will never know our system.
Korea learned from Japan pre-ww2. Japan’s wealth was basically built through four major wealth conglomerates called “Zaibutsu”, these included Mitsubishi, Mitsui, Sumitomo and Yasuda. Later included Nissan, Toyota and Honda.
the chaebols were founded when park chung hee, who made some career in the japanese imperial army, seized power in SKorea by military coup and ruled the country until he was assacinated in 1979
What's impressive about those South-Korean oligarchies is that they're legitimately competitive in their respective fields worldwide. Unlike those Russian ones that are mainly on energy sectors thus in the scope of pure local corruption.
While they made scandals, chaebols are important for Korean economy. They made up of 65% of Korean GDP and they played a role in transitioning south Korea from poor country into high tech developed country and they lift millions of Korean out from poverty. This is the thing that everyone always forgot when talking about chaebols. Chaebols aren't evil as people think.
While they made scandals, chaebols are important for Korean economy. They made up of 65% of Korean GDP and they played a role in transitioning south Korea from poor country into high tech developed country and they lift millions of Korean out from poverty. This is the thing that everyone always forgot when talking about chaebols. Chaebols aren't evil as people think.
@@antoniussamuelson3748Do you really know the cost and suffering of these people for the country's growth? The poor distribution of income is obvious. Understand that I'm not talking bad about people who work. The elites are the problem, the hard-working people of Korea are not.
Exactly, and one of the few reasons why many mega-corps boycotted/sandal China's government is simply. Corporations in china have no power, and for mega corp...they always wanted more power and money at the expense of others.
10:30 exactly the reason Why this video doesn't even mention that Lee Jae-yong was pardoned in 2022. TOO POWERFUL LOL "Aug 11, 2022 - Samsung heir Lee Jae-yong - convicted of bribery and embezzlement in 2017 - has been granted a special presidential pardon"
I find it interesting how the Koreas managed to carve out two dystopias on one Peninsula. North Korea is like George Orwell's 1984 while South Korea is literally Cyberpunk 2077.
How democratic korea ended up here, 5 companies controlling almost over a half of country's economy? That means they can even control government, and the decision it makes😢😢😢
Chaebols have a lot of influence? In reality, the government can disband a conglomerate at any time. Is America a country ruled by Apple and Microsoft? It's so funny I'm crying😂
In America our corruption is about non illegal agendas and companies buying single family homes to rent out. Those are our major issues 😂🤣. And crazy politicians but they all the same.
You still have a lot to learn and see in this world. There will come a day when the illusion of perfect world that is sparkling in your eyes will shatter. I hope you have a great future ahead of you.
Plz read this World, Bangladesh need your attention, Now Government police and student League are attacking on Students cause they want Justice, protesting against quota system, i think this is our right but dictator government and police are attacking on the students very badly, many of students already lost their lives, 🙂💔, what kind of country is this! Really shame to be a public of this country where government called it an independent coutry where government is dictator, they are killing our brothers and sisters and these all are happening by the command of government!! Save and support us world, we need u! 🙏🙏🇧🇩
Now I know why Buffett never looked at South Korea's businesses. As he once said, "Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."
Here’s how powerful they are: The five companies themselves make up about half of South Korea’s Stock Market (I think) (this is more fragile compared to the US top 33 companies that make up the New York Stock Exchange) that’s all the info I know for now
The Rich are getting richer... Korea is no different... In fact, both KR and JP populations are shrinking so fast they may go extinct... It's really silly that their cultures are still popular.
This report is missing an important fact which can mislead its own conclusion. They are not really close family members, but rather more of mortal enemies of one another. They have a long history of family disputes and backstabbing within the same family. They hate one another and many of them don't even talk to one another. That's why all those families broke up into totally different company groups.
This is the unique economy model of capitalist Korea when the family corporations have grew so big that they are untouchables. Any wrong policies implemented to curb their powers could endanger many people livelihoods. Imagine the top 4 Chaebols namely Samsung, Hyundai, LG & SK are contributing about 60% of their country GDP. Another problem is that Korea has a constitution which states that a President can only serve 1 term (4yrs) hence any policies implemented by the predecessor could be reversed by the current President. I don't see how this situation can be changed unless a big world recession to shake up their whole economy, which happened in 1997 Asian financial crisis when some Chaebols (Hanbo, Jinro, and Kia Groups) have bankrupted.
Great video that wasn’t bias. That system did get them to upper income country status but now that they achieved it, that system is hurting them. Change needs to happen
What the family should've done, is to ask for help from other Royal families. Like, if they approached the UK, for example, and signed a private contract to get their health better, or to reduce issues.... That would've been the best way. And then they try to change processes internally, to reduce risks. That would've been the best approach...
The people of Khalistan, Kashmir, Tamil Nadu, and South Tibet, occupied by India have been advocating for independence for decades, with their movements met by suppression from the Indian government. This ongoing struggle for self-determination has garnered international attention and raised questions about human rights and autonomy within India.
The Korean first lady was questioned by prosecutors for 11 hours and 50 minutes, for taking a Dior handbag as a present. I don't think this kind of law enforcement will ever be possible in the US, in Europe, Japan, Australia, New Zealand, Canada, or in any civilized country.
American corporations and private equity trust do business with non-Democratic countries all the time. Our supply chains moved from China to one of the most communist countries Vietnam, and there’s no issue with this? Why? Why? Why?
If Korea had been successfully united by Kim Il Sung during the 1950 - 1953 civil war, perhaps now there would be no such thing as Hyundai, Samsung and other well-known brands.
Many Americans don't realize that several practices legal in the U.S. are illegal in Korea. For example, in the U.S., politicians can receive significant sums of money for a two-hour lecture on Wall Street, which would be considered bribery in Korea. Additionally, lobbying-a legal profession in America- is illegal in Korea. Americans often mention companies like Apple and Microsoft without understanding the complexities and regulations behind the scenes. The idea of an incumbent president going to prison might seem improbable in many democracies, but it is a reality in Korea. Their corrupt politics deprives them of fast trains. Neither America nor Canada has national high-speed rail systems. Japan has characteristics of an autocratic country, with the Liberal Democratic Party (LDP) dominating the political landscape. Although it appears that the people have a choice, many regulations and practices reinforce this dominance, limiting true democratic choice.
Wasn't this how korea always has been? There were always a few feudal clans dominating the whole joseon society, all having a close relationship with the emperor. It's just these old aristocracy have been replaced by chaebols n the royal family replaced by politicians. Same old same old..almost everywhere in the world
About Park sang-in prof) ‘작은 정부, 큰 시장’에 반대 “내 정체? 진보적 시장주의자” 박상인 서울대 행정대학원 교수는 대표적인 진보 경제학자로 꼽힌다. 그는 대학 시절부터 오롯이 경제학도의 길을 걸어왔다. 서울대와 예일대에서 경제학을 전공했으며 귀국한 후 모교인 서울대 행정대학원에 자리를 잡았다. 연구자이자 교육자로 일하는 와중에도 박 교수는 한국산업조직학회·여론집중도조사위원회·경제정의실천시민연합 등의 단체에서 꾸준히 활동해왔다. 그는 “제 정체가 뭐냐고 물으면 진보적 시장주의자라고 말한다”고 답변했다. 박 교수는 지금 한국 경제는 시장경제가 제대로 작동하지 않는다고 말했다. 시장은 기본적으로 내버려두면 된다고 생각하는 사람이 많지만 이는 시장에 대한 몰지각에서 비롯된 오해라는 주장이다. 정부가 개입하지 않으면 시장은 잘 돌아간다고 여기는 관념은 ‘작은 정부’와 ‘큰 시장’을 주창하는 잘못된 이데올로기적 시각의 산물이라는 설명이다. 시장에 대한 적절한 정부의 개입이 필요하다는 것이다. lololololololol😂😂😂😂😂😂 He is just a normal liberal, Pro-PC, pro-democrats, anti-market, pro-china ccp lolololol what a huge laugh to this channel😂
I don't get point of expecting a change. Justice system is well in delivering pardons as well as announcing guilty. Never heard law treating citizens equally than in south Korea
the chaebols is the korean family who monopolies an empire of giant corporations like Samsung and Hyundai, and totally exploiting their workers as SLAVES that's why Samsung are jumping to China but they do it again and expelled from China and Samsung jump to Vietnam again and repeated their violations, soon Samsung will be kick-out in Vietnam
@@Alpha-kl4jo the chaebols is the korean family who monopolies an empire of giant corporations like Samsung and Hyundai, and totally exploiting their workers as SLAVES that's why Samsung are jumping to China but they do it again and expelled from China and Samsung jump to Vietnam again and repeated their violations, soon Samsung will be kick-out in Vietnam
Most of Chaebols grew exponentially during the military dictatorship under President Park in 1960s and 1970s. The country was in poverty and was constantly being threatened by North Korea, which had stronger economy and military. So, the military goverment in South Korea decided to focus all the resources in the country to a few most promising companies, including Samsung, Hyundai, Daewoo, LG, etc. In return, those companies promised to supply South Korean military with arms and supplies at low cost. That is the origin of South Korean defense industry that became so big recently. It is easy to criticize Chaebols and South Korean government. But, considering the dire situation SK was in 1960, they probably made the best decision they could under the circumstances.
The definition of “Everyone lives on earth but in a different world”
Ask that to Norty Koreans and Turkmenistans
@@muhammadrizqanilmi1301you just proved his point even more 🎉🎉🎉
Maybe being susceptible to plastic contamination will help everyone realize we all breath the same air?
"too important to economy to be jailed.."
only the rich and powerfull people have this kind of priviledge
Imagine this kind of privilege. No wonder Korean population is dwindling...
Samsung Made 20% of gdp.
But the CEO's are being jailed.
@@skillbopster they have luxurious jail not a normal jail
@@skillbopsterthey are not CEOs
If they have billions, they do everything until reach Trillion. If they reach Trillion they still aim for Quadrillion never ending greed.
Well, they could've stop at $10 million or 100 million, and enjoy early retirement. They coud enjoy awesome life, partying all day everyday with celebrities and supermodels.
But no, fortunately for us all, they choose to continue and climb ever higher, past 1 billion, 10 billions, 100 billions, on and on. This spirit is what enabled our civilization grow so rapidly within single lifetime.
Look at all the heroes, kings, and emperors of the past.. the greedy and the ludicrous, who build great monuments and vast empire were the one that make it into history. Vision and ambition are what separates us humans from other animals.
It reminds me of gambling addicts putting the means of their money on the line, like- what will make them money when they have all of it?
South Korea is the definition of oligarchy aka late stage capitalism. Nobody ever taught us that the board game monopoly is actually based on real life and that game never ends well.
Idiots living in first world countries have the luxury of crying about late stage capitalism. The Chaebols were/are major stake holders in Korean industrial policy they got to were they are not because of MSMEs(Taiwan did that and they are a one trick pony excelling in Electronics Industry and no where else). Everything is late stage capitalism for you lot. You need internationally competitive domestic manufacturing corporations and that is expensive hence why these general trading companies come out on top by reaching into multiple sectors. This isnt evil or catastrophic, this is just how countries without natural resources like develop(unlike Canada and Australia). USA had extremely productive land and decades of security and deep pockets to restructure their industry and still be able to compete. SK is sandwiched between China, NK and Japan two of whom are nuclear armed states. Sanctimonious liberal delusions is a luxury for them.
That being said South Korea should definitely increase its top marginal income tax rate.
Every capitalist country is like this, not just South Korea.
but they gave the people a better life. korean oligarch lifted out millions of koreans out from poverty and increased quality of life. so they aren't evil as you taught.
but they gave the people a better life. korean oligarch lifted out millions of koreans out from poverty and increased quality of life. so they aren't evil as you taught.
China party members family have hand in every company
Oligarchy at its finest
과두정치가 아닌나라는 어느나라가 있나요?
@@user-xv7il4hk6i Your relative North Korea
@@user-xv7il4hk6i BHUTAN
@@user-xv7il4hk6i No other country has elites that constantly show off getting away with breaking the law and even autocratic countries don't have irreplaceable elites that they can't purge for corruption.
@@user-xv7il4hk6iChina.
Koreans do not have much antipathy toward chaebols. This is because large companies such as Samsung, SK, LG, and Hyundai make money through exports. Because they earn money through exports, the government gives them preferential treatment. If growth was achieved through domestic demand, it would be difficult to expect a favorable attitude from the government.
They can just leave Korea in that case anytime.
This is like the car manufacturers and the oil industry influencing America's politics.
and they talk about how south korea is a democracy. baby, just different political system, same autocracy 😂
Not sure what you are comparing it with. A corrupted democracy is not the same as a dictatorship.
@@eemoogee160 Not the same, but not really dissimilar.
@@eemoogee160actually it’s even worse. At least you know who you are up against in a dictatorship. In a corrupt democracy you are literally being tricked with an illusion of choice, you will be distracted and caught up in “my party vs your party,” while the actually powerful oligarchs quietly giggles at you feeling happy that you have “a say” in politics
north is what happens when communism goes wrong; south is what happens when capitalism goes wrong
@@eemoogee160 If it's under corrupted capitalism democracy, everything will revolve around profit from the day you're born. It's just another form of dictatorship system.
The same story is now unwinding in India. Some of the chaebols of India are:
1. Ambani (Reliance industries)
2. Adani (Adani ports)
3. Tata (Tata Sons)
4. Mehta (Rajesh exports)
5. Infosys
Same with every other nations in Europe to Asia, even Middle East and Africa. Only very few rich & powerful families controlling the wealth & resources.
That Infosys co founder told that people in india should work 70hrs a week while his daughtet is enjoying hid dady money. Heck she even got Rishi Sunaks wealth after he transferred it to her before becoming the pm of uk
same here in china bro
1 alibaba
2we chat
3evergrande
@@ytn00b3 Same in the Philippines
1 Sy siblings; US$14.4 billion.
2 Manuel Villar; $9.7 billion.
3 Enrique Razon Jr.; $8.1 billion.
3 Ramon Ang; $3.4 billion.
4 Tony Tan Caktiong; $3.2 billion.
5 Aboitiz Family; $3.15 billion.
6 Lance Gokongwei & siblings; $3 billion.
7 Isidro Consunji & siblings; $2.9 billion.
Add JSW and Mittal
But still, all people will go to top universities so they can apply the job in Chaebeol company like Samsung 😅.
forbes ranked Samsung as the best employer in the world, ahead of american tech giants like Apple, Google, MS, amazon, faceboo etc
Its a tiny country, what choice do they even have.
In fact, s.korean want to be doctor rather than being employed to Chaebol company
They guarantee better payment and QOL than smaller companies in general, so why not?
Think this article is more from SME business point of view & few corrupt people rather than the people, whose income has increased from 130$ to 33000$ resulting in a developed economy.
Every capitalist country is like this, not just South Korea.
But socialist countries are not Party oligarchies? Please.
@@LD-Orbs
They're the same
@@LD-Orbs Name one country who calls themselves socialist and actually following socialist principles that have oligarchies
I don't know if you are korean or not but I am getting very frustrated with this line of thinking.
YES every capitalist society have issues that are similar to the ones experienced in South Korea. However, this line of thinking drastically minimizes the blatancy and severity of the corruption and societal impacts these korean oligarchs (chaebols) have on regular Korean citizens and Korean culture at large.
Imagine if Steve Jobs (Apple -> Samsung Electronics) 'negotiated' with the US government to acquire Lockheed Martin (Korean Defense contracts); operated GEICO (Samsung Insurance) and JP Morgan (Samsung Investments) by acquiring controlling stakes, and also bought out NVDIA (Samsung Semiconductors); Owned Pfizer (Samsung Biologics). They are actually big players in other industries including shipbuilding, theatres, shopping malls, and the list - actually - goes on.
All the while ignoring worker safety, enforcing draconian labor policies (80+hour work weeks), underpaying workers while also bribing officials to influence monopolistic policies and committing accounting fraud to maintain their profit line.
imho, they are the reason why korea has the lowest birthing rate in the WORLD at < 0.7 births per couple. (no money, no time)
YES other countries have low birth rates too but like at the 1.0-1.5 range.
Your argument ignores the large difference in severity and blatancy of the corruption and undermining of ethics and common decency
Except SK is actual cyberpunk dystopia straight outta fiction
Japan was also like that before World War II, but it was not in a situation like the current South Korea because it lost the war and forced the United States to dismantle the chaebols.
Yes! That system was adopted in South Korea during the Japanese occupation of Korea. It’s a traditional Japanese system that still runs in Korea. ‘zaibatsu’ is the Japanese term.
I guess the current Chaebol system is a (huge) side effect of trying to catch up to the world, that was decades ahead in the race, therefore having to focus whatever we had on a handful of companies, hoping they would succeed globally against established competitors.
that is bc the chaebols were founded when park chung hee, who made some career in the japanese imperial army, seized power in SKorea by military coup and ruled the country until he was assacinated in 1979
Actually, Japan still has this system in place and still active. It's naive to think Japan blushed it off when their economy is virtually run by these large Japanese companies are also family dominated businesses.
@@ytn00b3
Japan is amateur. Those corporations are actually not run by families. (Even the Toyota family owns only 0.1 - 0.2% of Toyota Motor Corporation's stocks.)
Korea is more like Sweden, which is even more massively dominated by a number of families, particularly by one family, the Wallenbergs. They are one of the most influential families in all of Europe, renowned for its influence in banking, politics, diplomacy, and the industrial landscape. In the 1970s, already, businesses under their control employed 40% of Sweden's industrial workforce and represented 40% of the Stockholm Stock Exchange's total worth.
There goes the k dramas
Same goes for Russia china and India too.only difference they're not called cheabols
In china the government controls everything
Not in China, you can't control the government there. you fk around, you find it out really fast. Ask Jack Ma, and the company didi. There is no elite families in China.
every big country has them, especially the us as well
no in China! see the case of the Alibaba and others. when they are too rich they are forced to step down. That is a state that cares
@@havencat9337
democracy: leadership must serve the people
dictatorship: people must serve the leadership
Behind the kdrama Korea is a dystopia
korean drama depicts all spectrum of korean society. squid game to the heirs.
then come and live korea and then evaluate this country. You dont know anything about korea lolololol just watching the media and saying WOW korea has the lowest birth rate, WOW Jaebuls are really strong, the westerners and chinese will never know our system.
Every capitalist country is like this, not just South Korea.
@@loelds4817lol no, state capitalist country and protectionist market don't do this
Same with western
Republic of Samsung.
No wonder you see comments like “Samsung is the best company” and “It’s better than Apple and Huawei”
I found you in several video, I think you like same video which I like too😂😂😂
*of Chaebols
Samsung is def topnotch.
Republic of usa
Korea learned from Japan pre-ww2. Japan’s wealth was basically built through four major wealth conglomerates called “Zaibutsu”, these included Mitsubishi, Mitsui, Sumitomo and Yasuda. Later included Nissan, Toyota and Honda.
the chaebols were founded when park chung hee, who made some career in the japanese imperial army, seized power in SKorea by military coup and ruled the country until he was assacinated in 1979
What's impressive about those South-Korean oligarchies is that they're legitimately competitive in their respective fields worldwide. Unlike those Russian ones that are mainly on energy sectors thus in the scope of pure local corruption.
There’s nothing impressive about South Korea. It’s a Cyberpunk dystopia with high suicide rate.
The rich get richer, when you're too rich. You own the country. 😂 Buying power!
The scandals don't stop, is it because the punishment is mild? The Korean people do not deserve these dishonest politicians and businesspeople.
While they made scandals, chaebols are important for Korean economy. They made up of 65% of Korean GDP and they played a role in transitioning south Korea from poor country into high tech developed country and they lift millions of Korean out from poverty. This is the thing that everyone always forgot when talking about chaebols. Chaebols aren't evil as people think.
While they made scandals, chaebols are important for Korean economy. They made up of 65% of Korean GDP and they played a role in transitioning south Korea from poor country into high tech developed country and they lift millions of Korean out from poverty. This is the thing that everyone always forgot when talking about chaebols. Chaebols aren't evil as people think.
@@antoniussamuelson3748Do you really know the cost and suffering of these people for the country's growth? The poor distribution of income is obvious. Understand that I'm not talking bad about people who work.
The elites are the problem, the hard-working people of Korea are not.
@@antoniussamuelson3748 Even if they are important, does it mean they are above the law?????? I don't think so.
Yes, most probably it's because the punishment is mild. Korean laws are pretty laughable....
The chaebols become more powerful than the government
Exactly, and one of the few reasons why many mega-corps boycotted/sandal China's government is simply. Corporations in china have no power, and for mega corp...they always wanted more power and money at the expense of others.
Every capitalist country is like this, not just South Korea.
10:30 exactly the reason Why this video doesn't even mention that Lee Jae-yong was pardoned in 2022. TOO POWERFUL LOL
"Aug 11, 2022 - Samsung heir Lee Jae-yong - convicted of bribery and embezzlement in 2017 - has been granted a special presidential pardon"
@@loelds4817 Just name a person who bribed president and got a pardon in the US. You drink too much Korean Kool-Aid. LOL
Money is power in South Korea
Every capitalist country is like this, not just South Korea.
😢 yes @@loelds4817
Where else?
@@enceladus9502 Australia. Britain Canada . New Zealand....... AMERICA
@@loelds4817 yes
Lee Byung-chul, the founder of Samsung, entered Waseda University in Japan in the 1930s and learned management know-how there.
chebols are every were there in every korean need like food technology military etc thats how influential they are how powerful they are
Every capitalist country is like this, not just South Korea.
India facing same situation
I find it interesting how the Koreas managed to carve out two dystopias on one Peninsula. North Korea is like George Orwell's 1984 while South Korea is literally Cyberpunk 2077.
That's a really interesting perspective
How democratic korea ended up here, 5 companies controlling almost over a half of country's economy? That means they can even control government, and the decision it makes😢😢😢
There is no democracy in SK. It's all fake like the western democracies
Yeh I think it's a but strange that any nation would allow 1 company like samsung to control 20% of their economy.
it's not suprising, since the country's economy was build by corporation since the beginning. it's oligarch that make korea became rich.
it's not suprising, since the country's economy was build by corporation since the beginning. it's oligarch that make korea became rich.
it's not suprising, since the country's economy was build by corporation since the beginning. it's oligarch that make korea became rich.
like everywhere in the world
Chaebols have a lot of influence? In reality, the government can disband a conglomerate at any time. Is America a country ruled by Apple and Microsoft? It's so funny I'm crying😂
In America our corruption is about non illegal agendas and companies buying single family homes to rent out. Those are our major issues 😂🤣. And crazy politicians but they all the same.
You still have a lot to learn and see in this world. There will come a day when the illusion of perfect world that is sparkling in your eyes will shatter. I hope you have a great future ahead of you.
They are politically entangled. Unlike the United States.
Brought to you by Autocracy CHINA mourning post.
Another reason Squid Game was popular, especially to Koreans.
Korea, An enterprise-owned state
Plz read this World, Bangladesh need your attention, Now Government police and student League are attacking on Students cause they want Justice, protesting against quota system, i think this is our right but dictator government and police are attacking on the students very badly, many of students already lost their lives, 🙂💔, what kind of country is this! Really shame to be a public of this country where government called it an independent coutry where government is dictator, they are killing our brothers and sisters and these all are happening by the command of government!! Save and support us world, we need u! 🙏🙏🇧🇩
So South Korea have new leader
This happened in 2016
Well, at least south and north got something in common now, both of them don't have democracy 😂
@@backpackpepelon3867In fact; South Korea was a fascist dictatorship up until the 90's and is still ruled by the same corporate interests.
@@deepestsleeep why are you bringing up china
남한과 북한의 딱 한가지 다른점: 니가 정부를 비난해도 3대가 노동수용소에 끌려가지 않는다는거. 그거 말고는 다를게 없는 나라
Chaebol exist in every country on the earth.
Now I know why Buffett never looked at South Korea's businesses. As he once said, "Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."
Here’s how powerful they are:
The five companies themselves make up about half of South Korea’s Stock Market (I think) (this is more fragile compared to the US top 33 companies that make up the New York Stock Exchange) that’s all the info I know for now
Because from birth to death you are a chaebol taxpayer and when you die you become a property of Samsung.
Apple in US
In Indonesia they are also called the 9 Dragons
Same story here in the States and other countries, big enterprises run by billionaires
Thank you for this insightful documentary. Really well written
The Rich are getting richer... Korea is no different... In fact, both KR and JP populations are shrinking so fast they may go extinct... It's really silly that their cultures are still popular.
And there's literally nothing the common citizen can do
Boycott Samsung
@@eemoogee160 in korea samsung controls nearly everything and not just the electronic market
and wall street controls the samsung?
@@applecutter5723ok relax.. not everything lol
Same as everywhere... normal citizens are just weak... globally.
This report is missing an important fact which can mislead its own conclusion. They are not really close family members, but rather more of mortal enemies of one another. They have a long history of family disputes and backstabbing within the same family. They hate one another and many of them don't even talk to one another. That's why all those families broke up into totally different company groups.
India also produced cheabols
India is becoming like South korea under BJP government 😂😂.
R@ndi ka baccha congress ki baat nahi karega 😂😂 jo sirf scam ki hai
This is the unique economy model of capitalist Korea when the family corporations have grew so big that they are untouchables. Any wrong policies implemented to curb their powers could endanger many people livelihoods. Imagine the top 4 Chaebols namely Samsung, Hyundai, LG & SK are contributing about 60% of their country GDP. Another problem is that Korea has a constitution which states that a President can only serve 1 term (4yrs) hence any policies implemented by the predecessor could be reversed by the current President. I don't see how this situation can be changed unless a big world recession to shake up their whole economy, which happened in 1997 Asian financial crisis when some Chaebols (Hanbo, Jinro, and Kia Groups) have bankrupted.
Great video that wasn’t bias. That system did get them to upper income country status but now that they achieved it, that system is hurting them. Change needs to happen
One of the downside of capitalism
The little people can call on the courts in capitalism. Forget about that in socialism!
….Said by Chinese media should be the most funny part of this vid right?
What the family should've done, is to ask for help from other Royal families. Like, if they approached the UK, for example, and signed a private contract to get their health better, or to reduce issues.... That would've been the best way. And then they try to change processes internally, to reduce risks. That would've been the best approach...
The people of Khalistan, Kashmir, Tamil Nadu, and South Tibet, occupied by India have been advocating for independence for decades, with their movements met by suppression from the Indian government. This ongoing struggle for self-determination has garnered international attention and raised questions about human rights and autonomy within India.
lol
Very informative! Hello from Philippines
Korea has a future of cyberpunk levels of dystopia if this continues.
That's capitalism
It shows how strong the power of Korean media is.
The Korean first lady was questioned by prosecutors for 11 hours and 50 minutes, for taking a Dior handbag as a present.
I don't think this kind of law enforcement will ever be possible in the US, in Europe, Japan, Australia, New Zealand, Canada, or in any civilized country.
If you don't like the Company well make your own company simple as that.
If you realy think about it, North and South Korea are both run by a few families
North Korea is led by the Kim dynasty family which gives the impression of being an absolute monarchy
Can Chinese protest to change their president like Koreans did? What will happen to the protesters?
A totalitarian country like China does not tolerate dissent and demonstrations regarding political issues
Korean following western culture politic ,china have been following the same system for thousand of year ..dum dum
What kind of garbage is the president of South Korea? What can he change? Chinese direct exchange system
S Korean cant change S Korean presidents, American govt does.
remember Tiananmen massacre
North Korea, South Korea, both are the same
You've realized the most important point. It's not a question of capitalism or communism. At least in Korea.
American corporations and private equity trust do business with non-Democratic countries all the time. Our supply chains moved from China to one of the most communist countries Vietnam, and there’s no issue with this? Why? Why? Why?
Why western MSM is not talking about South Korean Oligarch like they used to talk about Russian Oligarchs. .
Korean comments criticizing China are deleted.
Dark side of South Korea. Just surprised to watch that one company can influence your economy and future.
Real overcapacity.
The US is the exact same way.
The North is laughing now
One family own entire country Economy in the south,seems like South Korea aren't That different to their north counterpart
North Korea's economy is highly centralized and not a mixed economy
If companies are lost. Leave them. Let's create more mega-companies
If this keeps up Sampson are gonna not be selling phones in a few years
If Korea had been successfully united by Kim Il Sung during the 1950 - 1953 civil war, perhaps now there would be no such thing as Hyundai, Samsung and other well-known brands.
Capitalism + Democracy = Capitalocracy 😅
The content in this video is very important and educational. Can this channel make a documentary on China’s dictatorship and politics ???
All countries are same
Is like sooting at your own foot!
Many Americans don't realize that several practices legal in the U.S. are illegal in Korea. For example, in the U.S., politicians can receive significant sums of money for a two-hour lecture on Wall Street, which would be considered bribery in Korea. Additionally, lobbying-a legal profession in America- is illegal in Korea.
Americans often mention companies like Apple and Microsoft without understanding the complexities and regulations behind the scenes. The idea of an incumbent president going to prison might seem improbable in many democracies, but it is a reality in Korea.
Their corrupt politics deprives them of fast trains. Neither America nor Canada has national high-speed rail systems.
Japan has characteristics of an autocratic country, with the Liberal Democratic Party (LDP) dominating the political landscape.
Although it appears that the people have a choice, many regulations and practices reinforce this dominance, limiting true democratic choice.
Can SCMP do one for other countries mainly South East Asia Countries
Wasn't this how korea always has been? There were always a few feudal clans dominating the whole joseon society, all having a close relationship with the emperor. It's just these old aristocracy have been replaced by chaebols n the royal family replaced by politicians. Same old same old..almost everywhere in the world
the problem is they have the power to move the emperor
Ah.. goods News..this confirmed that the law is only for the Rich 😅
Very tiny horse was given to her friend daughter ?
Korean blackrock
About Park sang-in prof)
‘작은 정부, 큰 시장’에 반대
“내 정체? 진보적 시장주의자”
박상인 서울대 행정대학원 교수는 대표적인 진보 경제학자로 꼽힌다. 그는 대학 시절부터 오롯이 경제학도의 길을 걸어왔다. 서울대와 예일대에서 경제학을 전공했으며 귀국한 후 모교인 서울대 행정대학원에 자리를 잡았다.
연구자이자 교육자로 일하는 와중에도 박 교수는 한국산업조직학회·여론집중도조사위원회·경제정의실천시민연합 등의 단체에서 꾸준히 활동해왔다.
그는 “제 정체가 뭐냐고 물으면 진보적 시장주의자라고 말한다”고 답변했다. 박 교수는 지금 한국 경제는 시장경제가 제대로 작동하지 않는다고 말했다. 시장은 기본적으로 내버려두면 된다고 생각하는 사람이 많지만 이는 시장에 대한 몰지각에서 비롯된 오해라는 주장이다.
정부가 개입하지 않으면 시장은 잘 돌아간다고 여기는 관념은 ‘작은 정부’와 ‘큰 시장’을 주창하는 잘못된 이데올로기적 시각의 산물이라는 설명이다. 시장에 대한 적절한 정부의 개입이 필요하다는 것이다.
lololololololol😂😂😂😂😂😂
He is just a normal liberal, Pro-PC, pro-democrats, anti-market, pro-china ccp lolololol what a huge laugh to this channel😂
Tell me the name of a democratic country which doesnt have these issues
Family-run business empires is also north korea LOl.
I don't get point of expecting a change. Justice system is well in delivering pardons as well as announcing guilty. Never heard law treating citizens equally than in south Korea
You mean Family run the country.
One thing you guys don't understand about korea is jaebul does run korea, but Koreans can always change the jaebul if needed
How dare the scmp expose a US ally like this.
it is not exposing but telling the truth, it's already over exposed since Korean peninsula are divided
@@totzinfothe comment was sarcasm....
@@Alpha-kl4jo so for you in telling the truth is sarcasm? the sarcasm is the one who make black propaganda and disinformation
the chaebols is the korean family who monopolies an empire of giant corporations like Samsung and Hyundai, and totally exploiting their workers as SLAVES that's why Samsung are jumping to China but they do it again and expelled from China and Samsung jump to Vietnam again and repeated their violations, soon Samsung will be kick-out in Vietnam
@@Alpha-kl4jo the chaebols is the korean family who monopolies an empire of giant corporations like Samsung and Hyundai, and totally exploiting their workers as SLAVES that's why Samsung are jumping to China but they do it again and expelled from China and Samsung jump to Vietnam again and repeated their violations, soon Samsung will be kick-out in Vietnam
Most of Chaebols grew exponentially during the military dictatorship under President Park in 1960s and 1970s. The country was in poverty and was constantly being threatened by North Korea, which had stronger economy and military. So, the military goverment in South Korea decided to focus all the resources in the country to a few most promising companies, including Samsung, Hyundai, Daewoo, LG, etc. In return, those companies promised to supply South Korean military with arms and supplies at low cost. That is the origin of South Korean defense industry that became so big recently. It is easy to criticize Chaebols and South Korean government. But, considering the dire situation SK was in 1960, they probably made the best decision they could under the circumstances.
1:12 I can see so many VIPs flying the same plane. Too risky, dont you think, the plane can crash
Same in the Philippines
1 Sy siblings; US$14.4 billion.
2 Manuel Villar; $9.7 billion.
3 Enrique Razon Jr.; $8.1 billion.
3 Ramon Ang; $3.4 billion.
4 Tony Tan Caktiong; $3.2 billion.
5 Aboitiz Family; $3.15 billion.
6 Lance Gokongwei & siblings; $3 billion.
7 Isidro Consunji & siblings; $2.9 billion.
The world needs a new rule
Bro dramas are real 😂
Not sure why so many Korean love Samsung brand
US here I love my Samsung products.😊
They are just totalitarianism and fascism come from nationalism
Samsung, the real life Arasaka.
Great summary to give foreign viewers the Korea insights of chaebols
hello china thank you for your attention!
looks like a kdrama