South Koreans Bristle At Growing Dominance Of Family-Run Conglomerates
A small number of family-run conglomerates dominate South Korea’s economy. The biggest started as a village store in 1938. It’s controlled by the same family, and is now a household name: Samsung.
STEVE INSKEEP, HOST:
Now let’s talk about the family business. Family-run businesses are responsible for well over half the economic activity in the United States. That’s true even though many family businesses are small. In South Korea, some family businesses are huge. A handful of family-run conglomerates dominates the economy, which makes some Koreans uncomfortable. NPR’s Ari Shapiro explains why.
ARI SHAPIRO, BYLINE: These companies are known as chaebols. The biggest chaebol of all started as a village store in 1938. Today it’s controlled by the same family. And it’s a household name, Samsung.