Introduction: Daewoo Group Korea’s second largest chaebol, or family-owned conglomerate, collapse under $57 billion in debt and was forced to split into independent companies. The Asian financial crisis and its aftermath finally took its toll on the expansion-minded Daewoo and forced both Daewoo and the Korean government to decide how to dissolve the chaebol.
Korean Economy: The impact of the Asian financial crisis on Korea was partly a result of the economic system of state intervention adopted by Korea in the mid-1950s. Modeled after the Japanese economic system, the Korean authoritarian government targeted export growth as the key for the country’s future. Initially, the government adopted a strategy of import substitution, and that later gave way to a strategy of “expo,”, or die.” Significant incentives were given to exporters, such as access to low-cost money..
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