Chaebols are large, family owned South Korean business conglomerates, such as Samsung, Hyundai and LG. The word chaebol translates to “business family” or “monopoly” in Korean. Chaebols are multinational corporations, typically owning numerous international enterprises. Chaebol are owned and controlled by a family dynasty, generally that of the group’s patriarch.

Despite their economic dominance in South Korea and the belief that monopoly structures restrict smaller companies that compete against them, public opinion of chaebols in South Korea is generally supportive. Largely the public views the chaebols as the primary vehicle taking South Korea out of financial crisis.