Breaking News, World News and Taiwan News.

Updated Monday, February 13, 2012 0:06 am TWN, The Korea Herald/Asia News Network

Sponsors
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.

Chaebol bashing leads to votes for S. Korean parties

SEOUL -- Korea's top 10 conglomerates employ about 2 million people in all. You may double or triple this number to estimate the total size of people directly dependent on the large businesses groups known as called “chaebol.” If you regard all adults in this category as the sympathetic force toward chaebol, they would still remain a tiny minority in Korea's political arithmetic. So, parties don't have to be too cautious in joining the bandwagon of chaebol bashing, which seems likely to gain more votes to than it loses.

While they compete with attractive welfare programs, party strategists in both ruling and opposition camps are racking their brains to produce more appealing policy statements about what they would do to control conglomerates. “Economic democracy” is their common slogan, although the practical steps to reach the goal vary.

Politicians are aware that Samsung, Hyundai, LG, SK and other big names are a source of pride for Koreans, but they also know that people are increasingly frustrated by the concentration of wealth causing them a sense of deprivation. All political forces on the right and left have concluded that the Lee Myung-bak administration's business-friendly policy helped only the chosen few, and the vast populace is suffering from the narrowing job market, rising prices and growing household debt.

Smartphone users and motorists are thrilled by the fact that the latest local brands they just bought are dominating the world market. But they soon realize that they have to go into arrears on their credit cards to pay for them. Politicians now call for economic justice as if most of the present woes on the national and individual levels were attributable to chaebol.

There are ample statistics to prove how dramatically Korea's conglomerates have grown over the past several years, but with insignificant trickle-down effect on the rest of the economy. The 100 largest businesses hold more than half of the nation's total wealth and the 10 largest conglomerates now have 629 subsidiaries — 200 more than just three years ago.

1|2|Next Page>>