One wouldn't ignore the contribution of his father - the former President Park Chung-hee - to the rapid economic growth of Korea. And yet, he designed the so-called Korea Inc. which persists even today, stifling creativity and entrepreneurship. Unless she recognize this fundamental issue, her initiatives to revive the economy wouldn't succeed.
From the Wall Street Journal:
Weeks after a scandal caused public resentment toward the chaebol to bubble over, South Korea’s leaders are floating the idea of paroles and pardons for imprisoned leaders of the dynastic conglomerates. Their odd reasoning: The economy needs it.
In the ensuing uproar, Ms. Cho resigned and was
arrested on Dec. 30 for possible violation of aviation safety. To many South
Koreans, nut gate indicates a systemic problem. The country’s reliance on the
chaebol has led to a culture of impunity among its owner-managers. Many founders
treat their publicly listed companies as personal fiefdoms, and many of the
proposed parolees were convicted of embezzlement and fraud.
High-profile paroles in the past have shaken trust in
the rule of law. Even President Park Geun-hye sensed this when she took office
in early 2013. Responding to unpopular presidential pardons at the end of her
predecessor’s term, Ms. Park said they were “extremely regrettable” and
illustrative of how pardons “ignore the will of the people and are an abuse of
presidential power.”
Ms. Park seems to have now fallen under the chaebol
spell, even as the political cost of springing patriarchs from the slammer will
continue to rise. Democratic pressure will inevitably curtail the feudal culture
that protects the chaebol.
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