Majority of S. Koreans negative of chaebol: survey

All News 15:32 January 13, 2017

SEOUL, Jan. 13 (Yonhap) -- Two-thirds of South Koreans are negative about the role of South Korean business groups called chaebol in the development of the South Korean economy, a survey showed Friday.

About 66.4 percent of the 2,017 people surveyed by RealMeter said chaebol are not helpful for the national economy and the livelihoods of people, the pollster said. The margin of error is plus or minus 2.2 percentage points.

Only 21.8 percent said chaebols are helpful while 11.8 percent were not sure.

The younger generation was more negative about chaebol with 76.8 percent of those in their 30s and 76.5 percent in 20s reacting unfavorably to big businesses.

The polarization of society (39.1 percent) and the connection of politics and businesses (38.1 percent) were cited as the major reason for the unfavorable response to chaebol.

About 41.9 percent of those polled wanted the government to punish chaebol more strictly for any crimes committed and come up with measures to keep the power of owners in check.

More than two-thirds (68.9 percent) said third generation owners are not equipped with the capability to run the companies based on global standards. Only 13.6 percent said the opposite.