Lee, You-Il
(2003)
An Autopsy Of The South Korean Market:
Dynamics And Contradictions.
Asian Academy of Management Journal (AAMJ), 8 (1).
pp. 1-15.
ISSN 1394-2603
Abstract
The most dynamic feature of the South Korean economy in the late 20th century is the emergence of
the country as a major destination for foreign investors. However, because the market has been
closed to outsiders, for almost two decades, except for certain industries, Korea is as yet an
unknown entity among the global business community. This acts as a deterrent to market entry. It
is evident that among the economic and business literature there has been limited emphasis on the
cultural and other complications such as the position and influence of the chaebol (a group of
mostly family owned conglomerates in Korea) that exists for foreign businesses in the Republic of
Korea. This paper attempts to crystallize some of the key cultural issues, examine their relevance
and highlight some consequences of the lack of understanding of these cultural issues for the
world's leading multinational corporations wishing to enter the Korean market.
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