Business
23:11, 25-Aug-2017
Experts call for system-wide overhaul of South Korea’s economy
["other","South Korea"]
Share
Copied
The sentencing of Samsung’s de facto head Lee Jae-yong on Friday has exposed some deeper concerns over the business environment in South Korea. Experts said the country's economy has been relying on mega businesses too much for too long and that is causing problems.
South Korean government offered huge support to businesses that contributed to its blooming economy in the 1970s. And that was how Samsung became the a mega enterprise controlling today’s South Korean economy.
Shim Jung-teak, an author and a former Samsung employee believes such government-business collusion caused unfair distribution of resources.
Shim criticized Samsung in his book, saying the company took over too much of the country's business landscape, that the small- and medium-sized enterprises (SMEs) have no room to expand at all. Worse, the negative effects also spread on most of the Koreans.
Shim hopes the Lee Jae-yong case will help his country and people realize how serious the problem is.
953km