A chaebol (UK: /ˈtʃeɪbəl, ˈtʃeɪbɒl/ CHAY-bəl, CHAY-bol, US: /ˈtʃeɪboʊl, ˈdʒɛbəl/ CHAY-bohl, JEB-əl;[3] Korean: 재벌 [tɕɛbʌɭ] ⓘ, lit. 'rich family' or 'financial clique') is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.
The intensity and extent of market concentration became evident as 80% of the country's GDP is derived from chaebols. The largest of the group, Samsung, exports 20% of South Korea's goods and services alone. Although no longer financially supported by the government, these firms have attained economies of scale on such a massive level that it is extremely difficult for a startup or small or medium enterprise (SME) to surmount the high barriers to entry.
A chaebol (UK: /ˈtʃeɪbəl, ˈtʃeɪbɒl/ CHAY-bəl, CHAY-bol, US: /ˈtʃeɪboʊl, ˈdʒɛbəl/ CHAY-bohl, JEB-əl;[3] Korean: 재벌 [tɕɛbʌɭ] ⓘ, lit. 'rich family' or 'financial clique') is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.
The intensity and extent of market concentration became evident as 80% of the country's GDP is derived from chaebols. The largest of the group, Samsung, exports 20% of South Korea's goods and services alone. Although no longer financially supported by the government, these firms have attained economies of scale on such a massive level that it is extremely difficult for a startup or small or medium enterprise (SME) to surmount the high barriers to entry.