A Government of Chaebols

What is commonly known as capitalism should ideally not be the one driving a democracy, a form of government created by the people, of the people and for the people, the famous saying goes.

What happened in South Korea might just be the tip of the iceberg. We live in paradoxical times of economic turbulence as well as abundance, with the latter going to a chosen few in capitalism and to the electorate in general in a democracy. But the South Korean scenario clearly shows that not everything is what it looks like in the annals of dangerous nexus between politicians and industrialists.

Just to put things in perspective, the alleged perpetrator, Samsung, has a iron-hold of the Korean economy, its annual world-wide revenue contributes to a whopping 20% to the country’s GDP! To make the picture clearer, just 4 such conglomerates (aka Chaebol in Korean) contribute 50% of the national GDP!

A valuable case for students of Strategic Management, Public Policy, Business Ethics and Economics.

http://www.koreatimes.co.kr/www/news/nation/2017/01/116_222103.html

https://en.wikipedia.org/wiki/Park_Geun-hye

https://en.wikipedia.org/wiki/Chaebol

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