“When they started out they were not too competent, they were playboys and loaded up on debt, but if you look at official histories of the groups, they are venerated as wise prophets.” “The way the chaebols venerate their leaders is fascinating,” said Cain, who compares chairmen to Korean kings and even North Korean leaders. Moreover, wealth and power appears to trump political reforms and judicial sanctions: Convicted chairmen routinely receive suspended jail sentences or presidential pardons. and of prioritizing the interests of their secretive “royal families” over shareholders. They are accused of abusing suppliers and oppressing SMEs of being key figures in the corruption scandals that endlessly roil Korea, Inc. Yet their relationship with the public is stormy. Chaebol even provide marketing muscle for national mega-projects like the 1988 Seoul Summer Olympics and the 2018 Pyeongchang Winter Olympics.Ĭhina’s anti-Mario Draghi moment surprises markets Moreover, chaebol largesse supports sports teams and the arts through sponsorships, and keeps media companies afloat through advertising. The chaebol were Korea’s growth engines as it surged from economic zero to manufacturing hero from the 1960s-1980s, and remain employers of choice. Samsung is the mightiest of the “chaebol” – the sprawling, family-run business empires that dominate Korea’s commercial landscape and which are, in many cases, high-value global brands. “Every other tech company had one person who was very identifiable, but Samsung’s leader was shrouded in mystery.” “I had a lot of access early on during the Samsung-Apple dispute, but found access limited – I could not go deep and I came away with a feeling that I did not know the company well,” he said. The Asia-trotting journalist first became fascinated by the group when researching a magazine piece on Samsung Electronics. Photo: Asia Times / Andrew SalmonĬain’s book, “The Republic of Samsung,” the fruit of four years of research in Seoul, Tokyo, New York and Silicon Valley, is currently undergoing legal review pending publication with New York-based Crown next year. “There have long been expectations that Korean conglomerates will reform and give up family rule, and Korean democracy has advanced, but the corporate culture now is essentially the same as it was in the mid-1950s.” The Republic of Samsung author Geoff Cain. “Historically, the ruling family was an asset in unifying the company, but recently has become a liability,” said journalist Geoff Cain in an interview with Asia Times, following a closed-door briefing to Seoul businessmen and diplomats on Samsung’s inner workings. With Samsung enjoying record results despite its de facto leader’s imprisonment, the author of an upcoming book on the tech giant raised questions about whether Samsung and similar Korean conglomerates can continue under “royal family” management, or are headed for a post-imperial era.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |