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Korean Auto Industry

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             A Korean Chaebol can also be referred to as a form of "guided capitalism" were the government selects companies to undertake projects and channels funds from foreign loans were the Korean government guarantees repayment in the event of default. To further illustrate the South Korean's influence on the Chaebol, it was not until 1989 that Kia Motors and Daewoo were allowed to re-enter passenger car business, for most of the 1980's Hyundai was the only company allowed to produce passenger cars. Although Chaebols are conglomerates of many companies they are family owned and run under a tight rope. As of the year 2000 the four main Chebol are Samsung, Hyundai, Daewoo and Lucky Goldstar. The top four Chaebol have sales that account for somewhere between 40 and 45 percent of South Korea's Gross National Product. .
             It has been called an "economic miracle", but most agree that it was under the guidance of Park Chung Hee who as president of South Korea from 1961 till his assassination in 1979 that South Korea transformed herself from a backward agricultural economy to the modern society that South Korea occupies in today's global market. Park nationalized the Korean Banks and reinforced the Chaebol system; making strong government ties with the major ones. With the passage of the 1961 Law for Dealing with Illicit Wealth Accumulation, Park arrested a number of the country's leading businessman. But instead of sending them to jail and confiscating their wealth, he made a pact with them. He exempted them if they agreed to invest their wealth in the new industry sectors laid out by the government. And thus the framework for modern industrialized South Korea was born. Government - Chaebol cooperation was an essential part of the success of the South Korean economy growth. The Government provided the blueprint and source of funds and the Chaebol realized the dream. From a trade deficit in 1985 to trade surplus a year later is one of the many accolades the Chaebol have.


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