05.09.2022 – 09.09.2022 A Tate Papers A Pine (2)

Since the role of the Korean people has already been presented here, we will present the economic design model run by the Korean government. From 1961 to 1995, seven five-year economic development plans were formulated and implemented. Although it is called a project, it is a short-term five-year project based on the market.

In brief, if we have to present the objectives and goals, in the 1960s and 1970s, labor-intensive industries called (Labor Intensive Industries) were given priority, and in the 1980s and 1990s, large-scale and technology-based industries called (Heavy and Technology-Oriented Industries) were given priority.

Here, the role of the Korean people and the role of the Korean government have been presented. We will present a brief overview of the organizations that implement the business activities. It is also the driving force behind the rapid development of the Republic of Korea’s economy in a short period of time. Therefore, the author is presenting a summary, but if some areas need to be clarified in detail, the readers are requested to be patient with the writing.

The author is a teacher at the University of Economics. According to the author’s understanding of the teacher’s explanations, the big countries that reached the level of developed countries before 1960 are the big business companies in their country. As large business organizations compete with each other and achieve success step by step, they have to progress to the level of a developed country.

Therefore, in order to reach the economic design model of the Republic of Korea to the level of a developed country in a short period of time, the family in the Republic of Korea will no longer compete with each other. Large businesses were distributed based on large family groups. For example, the Lee group was made to run a business like Sansong. The Kim Group was made to run a business like Daewoo.

The above-mentioned arrangements are called “equation system” in Korean terms. “A chaebol generally refers to a collective of formally independent firms under the single common administrative and financial control of one family. It literally means a group or party of wealth: chae (財) means wealth or fortune, and bol (閥) means a group or party.” (Reference: 1, pp-2).

According to the statement, “Chebboe” means the finances of a family. It generally refers to an organization in which companies conduct business under financial control and unified governance. The direct meaning of “Cheboe” can be described as a group or a party that is rich in wealth, and according to the overall meaning of each letter, “Cheo” means wealth or opportunity and fortune, and “Boe” means a group or a party.