South Korea’s family-run business empires

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Chaebols are family-owned conglomerates in South Korea that have long been at the centre of public interest. Their outsized influence skyrocketed as the country rapidly emerged from post-war poverty to become a major developed economy. But chaebols have also been a source of public anger, as they earned a reputation for corruption and engaged in unfair business practices often blamed for growing inequality. Amid one of the country’s biggest scandals, huge protests in 2016 demanded the break-up of chaebols accused of bribing then-president Park Geun-hye. But years later, how much progress has South Korea made towards reining in the powerful chaebols?
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