Paralysis In South Korea

Ever since rising from the ashes of the Korean War, South Korea's economy has been dominated by a tightly knit group of military-backed technocrats and top politicians who have showered favors on powerful business families. The heads of these business groups, or chaebol, in turn contributed campaign funds to the politicians. It was this Korea Inc. that challenged Japan by building up huge shipbuilding, automotive, and electronics industries. Despite periodic feuds, the elite Korean families were intermarried and shared a common purpose of nation-building. They believed in the marital concept of il sim dong chae, or one mind, one body.

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