Time For Chaebol To Face Reality

Thanks to a dramatic jump in stock prices and a rebound in the won, talk is rife of Korea "bottoming out." But the financial recovery masks serious structural problems among Korea's giant conglomerates, the chaebol, that are actually getting worse, not better. These threaten not only Korea's recovery but the return to health of all of Asia. The men who run the top five chaebol-Hyundai, Samsung, Daewoo, LG and SK-must now adapt to a changing world economy. Seoul has given the chaebol until December 15 to come up with plans for restructuring. They should comply.

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