Historical Developments of Korean Capitalism. The Hyundai Business Group, 1940s-1990s

The chaebol, family-controlled conglomerates, which now dominate the South Korean economy constitute a unique type of business enterprise in the development worldwide of capitalist economies. With the support of a developmentalist state, the chaebol played a central role in rapid industrialisation of the South Korean economy, which in turn facilitated the transformation of what were originally small, family capitalist enterprises in the late 1940s, to large scale industrial enterprises in the 1990s.