I read in The Economist that the Samsung chaebol (business conglomerate) represents 20% of South Korea's GDP. This is utterly stunning, if true. But I find it plausible. And if you add in the other major chaebol – groups like Hyundai, LG, etc., it must mean that the South Korean economy is essentially in the hands of a half dozen dynastic families.
I always instinctively knew this, but I think it's important to keep the fact in mind, when trying to make comparisons between Korea and other Asian economies like Japan, China, etc. None of these other countries has a similar economic system, when looked at in this light. South Korea's current chaebol-based economy most resembles Japan's pre-War system, with its giant zaibatsu.
Whether it's good or bad, I can't judge. Certainly, right now, when it comes to "conventional" measures of economic growth and prosperity, it's "working." The way in which South Korea has weathered the recent global downturn is a veritable miracle, given its reliance on exports. But I can't see that it's going to keep working indefinitely – such concentrated power strikes me as dangerous. Especially since nowadays, the chaebol have one of their own, Lee Myung-bak (former Hyundai exec), in the Blue House.