Chaebol

A chaebol (Korean: 재벌, from chae "wealth or property" + bol "faction or clan" – also written with the same Chinese characters 財閥 as Zaibatsu) is a South Korean form of business conglomerate. They are typically global multinationals and own numerous international enterprises, controlled by a chairman with power over all the operations. The term is often used in a context similar to that of the English word "conglomerate". The term was first used in 1984. There are several dozen large Korean family-controlled corporate groups which fall under this definition.

The chaebol have also played a significant role in South Korean politics. In 1988, a member of a chaebol family, Chung Mong-joon, president of Hyundai Heavy Industries, successfully ran for the National Assembly of South Korea. Other business leaders also were chosen to be members of the National Assembly through proportional representation. Since 2000, Hyundai has played a role in the thawing of North Korean and South Korean relations.<ref name=Hyundai's $500 Million Payments to North Korea: A Bribe or Business Deal?>"Hyundai's $500 Million Payments to North Korea: A Bribe or Business Deal?" (PDF). Korea WebWeekly. 9 February 2003. </ref>