Chung Ju Yung Quotes

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The great concentration of wealth in the hands of the owners of chaebol has also had the consequence feared by the KMT in Taiwan: the entry into politics of a wealthy industrialist. This happened for the first time with the candidacy of Chung Ju Yung, founder of Hyundai, for president in the 1993 election. There is, of course, nothing wrong with a Ross Perot-style billionaire’s entering politics in a democracy, but the degree of concentrated wealth in the Korean business community has made other political actors on both the right and the left nervous. The result for Korea thus far has not been propitious; while losing the election to Kim Young Sam, the seventy-seven-year-old Chung was jailed in late 1993 on rather specious corruption charges—a warning to all would-be politicians among the business class that their participation in politics would not be welcome.74 Despite the apparent anomaly between its Chinese-style familistic culture and its large corporations, Korea continues to fit my overall hypothesis. That is, Korea, like China, is a familistic culture with a relatively low degree of trust outside kinship. In default of this cultural propensity, the Korean state has had to step in to create large organizations that would otherwise not be created by the private sector on its own. The large Korean chaebol may have been run more efficiently than the state-owned companies of France, Italy, and a number of countries in Latin America, but they were no less the product of subsidy, protection, regulation, and other acts of government intervention. While most countries would be quite happy to have had Korea’s growth record, it is not clear that they could achieve it using Korean methods.
Francis Fukuyama (Trust: The Social Virtues and the Creation of Prosperity)