Write 7 pages with APA style on Korean Chaebols Success Factors behind Recovery from 1990s Financial Crisis.

Write 7 pages with APA style on Korean Chaebols Success Factors behind Recovery from 1990s Financial Crisis. The post-crisis reforms and restructuring strategies implemented in the chaebols system have now resulted in inefficient performance of chaebols and it is regarded that Korean economy became able to recover from the financial crisis of the late 1990s due to the efficient performance and adequate restructuring of chaebols (Buzo, 2002, p187). At present, chaebols are successfully operating in South Korea significantly contributing towards economic development (Choe and Chinmay, 2007, p232).

The essay aims to discuss the performance of Korean Chaebols after the financial crisis that hit Korea along with many other Asian countries in the late 1990s. The essay examines the recovery path adopted by the Korean Chaebols to identify the factors that have contributed towards re-stability of these conglomerates after the financial crisis. It is revealed that financial crisis draws devastating impact upon the performance and growth of Chaebols, however, they recovered from the crisis within a few years with the help of government support and adequate business strategies and planning.

Chaebols are the South Korean business conglomerates that have attained a strong position at the international level and own several multinational enterprises. There are several dozen Chaebols working in Korea that are mainly operated by Korean family-controlled corporate groups (Fields, 1995, p35). These Chaebols enjoy government support as well as finance that allow them evolving as well known international brands. Some of the well-known Chaebols operating in South Korea include Samsung, LG and Hyundai etc. Traditionally Chaebols have played a very important role in economic as well as the political progression of Korea. Chaebols have significantly contributed towards the development of new industries, markets and expansion of trade relation at international level (Kim, 1991, p272). It has been widely accepted that Chaebols have well supported the Korean economy in attaining the position of East Asian Tiger (Rowley et al, 2001, p21).

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