东北固收专题报告：韩国系列专题2：成也财阀，败也财阀

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The report analyzes the formation, development, and influence of Korean chaebols, as well as their similarities with Japanese keiretsus. It points out that although chaebols and keiretsus played important roles in economic development in specific periods, their negative impacts gradually emerged over time, leading to issues such as economic stagnation and innovation inhibition [1][3]. 3. Summary According to Relevant Catalogs 3.1 Korea's Chaebols: Origin and Impact on Korea's Development - Birth of Korean Chaebols: Chaebols are products of the military - government era, resulting from post - war power and resource allocation, meeting the needs of Korea's post - war economic development [10]. - Significance of Chaebols at Different Stages: - 1945 - 1963 was the "embryonic stage," with a form of "crony capitalism" where enterprises relied on political patronage [14][15]. - 1963 - late 1980s was the stage when the chaebol model was established and promoted. The government supported large enterprises, helping Korea achieve economic take - off [15]. - After the 1990s, chaebols gradually gained national control, and their negative impacts, such as squeezing SMEs, reducing market vitality, and inhibiting innovation, became evident [16]. 3.2 Relationship between the Korean Government and Chaebols: From Control to Being Controlled - Changing Political Landscape: Politicians are often representatives of interest groups. After the end of the authoritarian era, Korean presidents have been deeply controlled by chaebol groups [17][18]. - Chaebols Becoming the "Deep Government": After the democratic transformation, the relationship between chaebols and the elected government reversed. Chaebols formed a closed interest community and controlled the government, and attempts at chaebol reform by presidents failed [21][23]. - Limited Role of the President in Economic Development: Whether a president is a democrat or a chaebol - supporter, their governance has negative impacts on the economy [24]. 3.3 The End of the Han River Economic Miracle The Han River Miracle's prime time was before 1980. After the 1990s, the chaebol - driven economy pursued monopoly profits, leading to misallocation of credit resources and a negative impact on social development, ultimately causing the end of the economic miracle [28]. 3.4 Stagnation of Technological Development in Japan and Korea - Similarities between Korean Chaebols and Japanese Keiretsus: Both are products of "planned economy," inheriting the core logic of the wartime mobilization system and achieving economic growth and industrial breakthroughs [33]. - Failure of the Model: After the democratic reform in Korea in 1988 and the end of Japan's "1940 system," the chaebol and keiretsu models became ineffective, and the Asian financial crisis in 1997 and the bursting of the economic bubble in the 1990s exposed their flaws [34]. - Inhibition of Innovation: After the 1990s, chaebols and keiretsus focused on profit - seeking rather than original innovation, leading to a slowdown in technological development and a loss of advantages in emerging fields [40].