Samsung is one of South Korea’s greatest success stories. The company has become a globally recognised brand, thanks in large part to the popularity of its smartphones, and its rise is symbolic of South Korea's own economic development, which has seen it transform from an emerging market into a powerful global player. The country's ascent has been heavily reliant on the success of its conglomerates, known locally as ‘chaebol’, but now there are fears that the country has become too dependent on chaebols such as Samsung.
The latest debates about the role of the chaebol have surfaced at a time when South Korea is faced with the challenge of managing a developed economy after years of playing catch up with other, more developed economies. Chaebol reform was a hot topic in the run-up to the country's presidential election in December 2012, with the issues going to the heart of notions of capitalism and the ideal relationship between business and society.
