Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.

This pathbreaking work extends the boundaries of contemporary anthropological research by presenting in one cohesive, meticulously researched work: an original theoretical perspective on the relationships between the cultural, political, and economic dimensions of a large modern business organization; the first anthropological work on South Korean management and its white-collar workers, in a case study of one of South Korea's "big four" conglomerates; and an innovative delineation of how modern business practices are enmeshed in past and present, structure and agency, and local and international systems." "Based largely on the author's nine months of participant-observation in the offices of one of South Korea's largest conglomerates (with annual sales of about $15 billion and approximately 80,000 employees), the book is also enriched by the author's previous fieldwork in rural Korea, where many of the conglomerate's white-collar personnel spent their formative years. These vantage points are used to explore constructions of "traditional" Korean culture and transformations of cultural knowledge prompted by new political-economic conditions, and how both inform practices prevailing in the large conglomerates - and ultimately shape South Korea's capitalism." "The work focuses on South Korea's new middle class. It explains how office workers' identities and often contradictory interests present them with choices between alternative interpretations and actions affecting both themselves and their conglomerates. Much attention is paid to ideological and more coercive means of controlling white-collar employees, to subordinates' strategies of resistance, and to ways in which cultural understandings and moral claims inform the assessment and pursuit of material advantage.

This study focuses on a single Korean "chaebol", the business conglomerate which dominates the Korean economy. Hyundai, the largest chaebol, is examined in the context of Korean history, ancient and modern, and the Confucian value system that permeates all Korean life.

An explosive exposé of Samsung that “reads like a dynastic thriller, rolling through three generations of family intrigue, embezzlement, bribery, corruption, prostitution, and other bad behavior” (The Wall Street Journal). LONGLISTED FOR THE FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD Based on years of reporting on Samsung for The Economist, The Wall Street Journal, and Time, from his base in South Korea, and his countless sources inside and outside the company, Geoffrey Cain offers a penetrating look behind the curtains of the biggest company nobody in America knows. Seen for decades in tech circles as a fast follower rather than an innovation leader, Samsung today has grown to become a market leader in the United States and around the globe. They have captured one quarter of the smartphone market and have been pushing the envelope on every front. Forty years ago, Samsung was a rickety Korean agricultural conglomerate that produced sugar, paper, and fertilizer, located in a backward country with a third-world economy. With the rise of the PC revolution, though, Chairman Lee Byung-chul began a bold experiment: to make Samsung a major supplier of computer chips. The multimillion- dollar plan was incredibly risky. But Lee, wowed by a young Steve Jobs, who sat down with the chairman to offer his advice, became obsessed with creating a tech empire. And in Samsung Rising, we follow Samsung behind the scenes as the company fights its way to the top of tech. It is one of Apple’s chief suppliers of technology critical to the iPhone, and its own Galaxy phone outsells the iPhone. Today, Samsung employs over 300,000 people (compared to Apple’s 80,000 and Google’s 48,000). The company’s revenues have grown more than forty times from that of 1987 and make up more than 20 percent of South Korea’s exports. Yet their disastrous recall of the Galaxy Note 7, with numerous reports of phones spontaneously bursting into flames, reveals the dangers of the company’s headlong attempt to overtake Apple at any cost. A sweeping insider account, Samsung Rising shows how a determined and fearless Asian competitor has become a force to be reckoned with.

In 1998, the Korean economy experienced the deepest recession since the Korean War. Within a year a number of smaller industrial conglomerates had failed. In this study, Graham examines the causes of this situation, tracing them back to the aggressive industrial policy begun by president Park Chung-hee during the late 1960s. He also analyzes reforms undertaken since 1997, concluding that they have not been entirely successful.

American business folklore is awash with the adventures of successful entrepreneurs. Still, most of these stories are about Americans, neglecting important and courageous entrepreneurs from other countries. Made in Korea recounts the story of how Chung Ju Yung rose from poverty to build one of the world's largest and most successful building empires - Hyundai - through a combination of creative thinking, tenacity, timing, political skills, and a business strategy that few competitors ever understood. Chung entered the shipbuilding business with no experience and went on to create the world's largest shipyard. He began making automobiles when foreign experts unanimously predicted he would fail, and he started a global construction company that has built some of today's greatest architectural wonders. He even convinced the International Olympic Committee to select South Korea over Japan as the site for the highly successful 1988 Olympics. Unlike most CEO's of major firms, Chung has always preferred the company of his workers to that of the global executive elite. Hard work, creativity and a capacity to never give up - this is the essence of Chung's life. In each of his ventures, he exhibited a sheer determination to succeed, regardless of the obstacles, and he worked tirelessly to instil this drive in all of his employees. Even today, in the midst of Korea's worst economic crisis in over four decades, Chung's company is busy implementing plans to emerge as an even stronger contender in the world economy. Illustrated with 32 pages of colour photographs not previously seen in the West, including photos of Chung's recent historic visit to North Korea in 1998, Made in Korea takes stock of Chung's entire life, highlighting both his contributions to society and the lessons his work can teach to aspiring entrepreneurs.

Understand a particular foreign country through dynamic descriptions and analyses of its historical, social, environmental, economic, governmental, political, and national security systems and institutions. Particular attention is devoted to the people who make up the society, their origins, beliefs, interests, and their attitudes towards their social system and political order. Each study is written by a multidisciplinary team of social scientists. This series is a recognized standard in the field.

Business in North Korea: a paradoxical and fascinating situation is interpreted by a true insider. In 2002, the Swiss power company ABB appointed Felix Abt its country director for North Korea. The Swiss Entrepreneur lived and worked in North Korea for seven years, one of the few foreign businessmen there. After the experience, Abt felt compelled to write A Capitalist in North Korea to describe the multifaceted society he encountered. North Korea, at the time, was heavily sanctioned by the UN which made it extremely difficult to do business. Yet he discovered that it was a place where plastic surgery and South Korean TV dramas were wildly popular and where he rarely needed to walk more than a block to grab a quick hamburger. He was closely monitored and once faced accusations of spying, yet he learned that young North Koreans are hopeful--signing up for business courses in anticipation of a brighter, more open, future. In A Capitalist in North Korea, Abt shares these and many other unusual facts and insights about one of the world's most secretive nations.

Recounting his three years in Korea, the highest-ranking non-Korean executive at Hyundai sheds light on a business culture very few Western journalists ever experience, in this revealing, moving, and hilarious memoir. When Frank Ahrens, a middle-aged bachelor and eighteen-year veteran at the Washington Post, fell in love with a diplomat, his life changed dramatically. Following his new bride to her first appointment in Seoul, South Korea, Frank traded the newsroom for a corporate suite, becoming director of global communications at Hyundai Motors. In a land whose population is 97 percent Korean, he was one of fewer than ten non-Koreans at a company headquarters of thousands of employees. For the next three years, Frank traveled to auto shows and press conferences around the world, pitching Hyundai to former colleagues while trying to navigate cultural differences at home and at work. While his appreciation for absurdity enabled him to laugh his way through many awkward encounters, his job began to take a toll on his marriage and family. Eventually he became a vice president—the highest-ranking non-Korean at Hyundai headquarters. Filled with unique insights and told in his engaging, humorous voice, Seoul Man sheds light on a culture few Westerners know, and is a delightfully funny and heartwarming adventure for anyone who has ever felt like a fish out of water—all of us.