Perhaps nothing is more symbolic of Asia’s miraculous rise and fall than the Korean chaebol. These huge, lumbering beasts devoured domestic and international capital and thundered in herd-like fashion towards their one goal – market share. Adding debt and capacity irrespective of return on capital, the chaebol were stopped in their tracks by the financial crisis. Yet even today, the top five are swallowing nearly 80% of the funds available in the local capital markets.
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