What power does SAMSUNG have in Korea?

It is a question being discussed in Korea.

Samsung is one of a handful of companies known as chaebol 재벌, similar to the Japan's zaibatsu 財閥 or keiretsu 系列.

These are massive conglomerates like Hyundae, Lotte, Hanjin and a bunch of others whose products you use but who you might not have heard of it you've never been to Korea. Hanjin you might recognise from seeing it on the side of shipping containers, but they also own Korean Air.

These companies have a huge number of other businesses. Samsung sells insurance and builds ships, and its not at all strange to see one of these bit companies names on things like toilet paper or similar products.

And they have tremendous power. A few years back there was an FTA between the US and South Korea being pushed in the government, and many people were protesting the US, protesting the Korean government, but much of the actual push was coming from the chaebols. Chaebols have also had an impact on North/South relations, and a decent amount of labour for some of these companies comes from factories they've established in North Korea.

There's also the issue of foreign companies coming in to Korea. Often the system is stacked against them, and those that have been successful have done so by partnering with a Korean multinational. They have considerable influence on commercial policy, and have been known to affect and direct certain efforts in government as well. A lot of people have become increasingly concerned that they've got too much power, and it was a concern among some that Lee Myung-bak (the previous president) was at least in some regard being influences by Hyundae (having himself once been the CEO of Hyundai Engineering and Construction). I don't know if there was any actual evidence to support this, but it gets to your question about "is this being discussed".

There's a lot more to this story but I can't write more at the moment. However that should get you started.

Also just to give some background in case there are follow-up questions: Ive previously done research on the Park Chung-Hee administration's policies (which are often credited for spurring the original development toward the current system, and whose daughter Park Geun-hye is the current president of South Korea) and that of the years following so I might be able to answer some specific questions but I'm not an economist so if it's too technical on that end someone else will have to give it a go.

For some extra reading:

• Analysis: South Korea's unloved chaebol (Reuters article but a good quick overview)

• Economic Crisis and Corporate Restructuring in Korea: Reforming the Chaebol by Stephan Haggard, Wonhyuk Lim & Euysung Kim

• The Chaebol and Labour in Korea: The Development of Management Strategy in Hyundai by Kweon Seung-ho & Michael O'Donnell (more about the history of the chaebol system than the current state)

(edited for formatting & a couple typos)

Samsung even has a hospital. Samsung Medical Center

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