9. Export-Led Growth and the Chaebol
South Korea’s chaebol—family-run conglomerates like Hyundai and Samsung—were instrumental in powering the nation’s export-driven growth. Much like Japan’s keiretsu, chaebol harnessed vast resources and government support to dominate global markets. While this strategy created jobs and fueled modernization, it also concentrated economic power and limited competition. The chaebol system remains a double-edged sword, shaping both Korea’s economic successes and its ongoing challenges.
