Taming the Beast: Confucianism as the Key to Reforming Korea’s Chaebol System for the Common Good
Taming the Beast: Confucianism as the Key to Reforming Korea’s Chaebol System for the Common Good
Abstract: Since South Korea began its path toward industrialization after the Korean War, chaebol firms—conglomerates led by a singlefamily head, characterized by numerous affiliates and subsidiaries spanning several industries—have driven Korean economic development. Bolstered by support from the Korean government, these firms operated unchecked until the Asian Financial Crisis drew international attention on the inefficiencies and abuses of power that surrounded chaebol firms. Since the Crisis, the Korean government has endeavored to reform Korean corporate law and place greater checks on the chaebol leaders’ abuses of power. These attempts have been largely unsuccessful, however, because the Korean business and political elite use the rigid and ever-present influences of Confucianism to perpetuate unbalanced societal power structures and entrench their positions in Korean society. To achieve substantive change, rather than pushing back against Confucian ideals, policymakers must utilize traditional values to promote stricter corporate governance standards and urge managerial officers in companies to internalize these changes and encourage a similar shift in thought throughout their staff.
Recommended Citation: Grace Lee, Taming the Beast: Confucianism as the Key to Reforming Korea’s Chaebol System for the Common Good, 45 Fordham Int'l L.J. 155 (2021).