Van Jackson, Strategy Consultant & Analyst, Foreign Policy in Focus
B&E: Will the Samsung scandal herald the end of Chaebol’s grip on South Korean economy?
VJ: The Samsung scandal itself is not the factor that may herald the end of the Chaebol’s grip on the Korean economy. The greater strategic context of the Lee Myung-bak administration within which the scandal has occurred may spell the end of the Chaebol era; the Samsung scandal might simply be a convenient political catalyst. I think the Lee administration understands the risk inherent in Korea’s economy today due to the country’s failure to diversify the sources of its wealth. In this context, the Samsung scandal is best viewed as something that is forcing the Lee administration to decide on the economy’s strategic direction sooner rather than later.
B&E: Do you see a situation in South Korea where the Chaebols will have a say in the functioning of the government?
VJ: Of course! It is a well documented fact that South Korea practiced what was known as bipartite corporatism from the early 1960s all the way through to its democratisation in 1987. By definition, then, the Chaebol has had a say in the functioning of the government. And since 1987, virtually every scandal in Korea has had both a political & corporate component. The western world has more than its share of problems when it comes to corruption and influence peddling but, for the most part, at least the western nations have trustworthy governmental institutions & global consumer confidence. The same cannot always be said for South Korea.
B&E: Do you think that the western media is showing an unusual interest in the happenings with regard to Chaebols and calling it the end of the Chaebol era?
VJ: I think the western media shows a tremendous interest in any scandal irrespective of what country is at the centre. I do not believe there is a double standard in this regard, although I do believe that most western media reporting does display an ethnocentric viewpoint more generally. That being said, I think that “the end of the Chaebol era” is probably an accurate prediction over the longer term but not for the reasons reported in the western media; rather it will be due to the Lee administration’s decision to shift focus towards the SMEs.
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Source : IIPM Editorial, 2008
B&E: Will the Samsung scandal herald the end of Chaebol’s grip on South Korean economy?
VJ: The Samsung scandal itself is not the factor that may herald the end of the Chaebol’s grip on the Korean economy. The greater strategic context of the Lee Myung-bak administration within which the scandal has occurred may spell the end of the Chaebol era; the Samsung scandal might simply be a convenient political catalyst. I think the Lee administration understands the risk inherent in Korea’s economy today due to the country’s failure to diversify the sources of its wealth. In this context, the Samsung scandal is best viewed as something that is forcing the Lee administration to decide on the economy’s strategic direction sooner rather than later.
B&E: Do you see a situation in South Korea where the Chaebols will have a say in the functioning of the government?
VJ: Of course! It is a well documented fact that South Korea practiced what was known as bipartite corporatism from the early 1960s all the way through to its democratisation in 1987. By definition, then, the Chaebol has had a say in the functioning of the government. And since 1987, virtually every scandal in Korea has had both a political & corporate component. The western world has more than its share of problems when it comes to corruption and influence peddling but, for the most part, at least the western nations have trustworthy governmental institutions & global consumer confidence. The same cannot always be said for South Korea.
B&E: Do you think that the western media is showing an unusual interest in the happenings with regard to Chaebols and calling it the end of the Chaebol era?
VJ: I think the western media shows a tremendous interest in any scandal irrespective of what country is at the centre. I do not believe there is a double standard in this regard, although I do believe that most western media reporting does display an ethnocentric viewpoint more generally. That being said, I think that “the end of the Chaebol era” is probably an accurate prediction over the longer term but not for the reasons reported in the western media; rather it will be due to the Lee administration’s decision to shift focus towards the SMEs.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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