Word: chaebols
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Dates: during 1990-1999
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...what happened to Asia's two key economies? Korea's rise was until recently the stuff of legend. Like Japan, Korea prospered from the cooperation among its banks, politicians and large conglomerates, known as chaebol. Politicians picked industries to support; business leaders duly invested in them; and banks put up the money...
Inside a packed Seoul courtroom, former South Korean President Roh Tae-woo took the stand Monday to answer charges that he accepted $369 million in kickbacks from businesses while in office. Roh admitted that he took money from chaebol, the group of 40 or so huge industrial conglomerates that dominate South Korea's economy, but said that he did not sell his influence to private interests. Roh said he received $32 million from Samsung, the nation's biggest conglomerate, but maintained he could not remember who gave him all the money he received while in office. The trial is expected...