Samsung has become a household name, like Google, McDonald's, Nike, Coca-cola, etc. In fact, many of you have at least some kind of device manufactured by Samsung, whether it's the new Galaxy S8 or your Samsung T.V. or your Samsung fridge, or your iPhone even (that's right, some parts in your phone are made by yours truly). So yes, we can see how Samsung is a mega multi-conglomerate. You probably don't know that Samsung represents 20% of the $1.1 trillion South Korean economy. Yes, this company owns a fifth of
an entire nation. It owns about 80 other subsidiaries. It's actually quite scary when you think about it, how businesses control the country, especially after considering that incident of corruption with the former president of S. Korea. What gives?
Samsung is the largest "Chaebol" (재벌 or 財閥), family-owned conglomerates that control the industry. It competes with rivals like the Hyundai Motor Group, which basically owns Kia Motors (they have a 33.88% stake in it). Samsung also controls a significant portion of insurance. Yes, my friend who is from South Korea used to have Samsung insurance, even when his dad worked for LG, a rival. Imagine having Microsoft insurance or Apple insurance (probably ridiculously overpriced). He's not wrong because it really is possible to live a Samsung-only life: they have credit cars, T.V.'s like aforementioned, apartments (they build apartments!?!) and watch a baseball team that they own. You can also have your funeral in a Samsung funeral parlor! That's seriously disturbing...think of Wall-E and how mindless the humans became in that cruiser where everything was owned by that mega corporation Buy-N-Large
Samsung is also a pretty corrupt company. After price-fixing investigations, Samsung was fined very little, and in addition the Chairman received a "presidential pardon" in the "best interest of the nation" after being indicted for financial crimes. Samsung essentially owns the government. The de facto chief of Samsung, Lee Jae-yong, was actually arrested in February of this year due to bribery and other charges. Now there is a massive political scandal shaking the whole nation.
With such a powerful company, who knows what may happen to South Korea... and the rest of the world. You never know what might happen with other conglomerates in the U.S. and other countries. Could this be the caveat to free-market capitalism taken to far-to the extent where companies now own the government instead of vice versa?
https://www.washingtonpost.com/world/in-s-korea-the-republic-of-samsung/2012/12/09/71215420-3de1-11e2-bca3-aadc9b7e29c5_story.html?utm_term=.89d8b5157e50
http://money.cnn.com/2017/02/17/technology/samsung-south-korea-daily-life/index.html
https://www.theatlantic.com/business/archive/2012/07/whoa-samsung-is-responsible-for-20-of-south-koreas-economy/260552/
an entire nation. It owns about 80 other subsidiaries. It's actually quite scary when you think about it, how businesses control the country, especially after considering that incident of corruption with the former president of S. Korea. What gives?
Samsung is the largest "Chaebol" (재벌 or 財閥), family-owned conglomerates that control the industry. It competes with rivals like the Hyundai Motor Group, which basically owns Kia Motors (they have a 33.88% stake in it). Samsung also controls a significant portion of insurance. Yes, my friend who is from South Korea used to have Samsung insurance, even when his dad worked for LG, a rival. Imagine having Microsoft insurance or Apple insurance (probably ridiculously overpriced). He's not wrong because it really is possible to live a Samsung-only life: they have credit cars, T.V.'s like aforementioned, apartments (they build apartments!?!) and watch a baseball team that they own. You can also have your funeral in a Samsung funeral parlor! That's seriously disturbing...think of Wall-E and how mindless the humans became in that cruiser where everything was owned by that mega corporation Buy-N-Large
Samsung is also a pretty corrupt company. After price-fixing investigations, Samsung was fined very little, and in addition the Chairman received a "presidential pardon" in the "best interest of the nation" after being indicted for financial crimes. Samsung essentially owns the government. The de facto chief of Samsung, Lee Jae-yong, was actually arrested in February of this year due to bribery and other charges. Now there is a massive political scandal shaking the whole nation.
With such a powerful company, who knows what may happen to South Korea... and the rest of the world. You never know what might happen with other conglomerates in the U.S. and other countries. Could this be the caveat to free-market capitalism taken to far-to the extent where companies now own the government instead of vice versa?
https://www.washingtonpost.com/world/in-s-korea-the-republic-of-samsung/2012/12/09/71215420-3de1-11e2-bca3-aadc9b7e29c5_story.html?utm_term=.89d8b5157e50
http://money.cnn.com/2017/02/17/technology/samsung-south-korea-daily-life/index.html
https://www.theatlantic.com/business/archive/2012/07/whoa-samsung-is-responsible-for-20-of-south-koreas-economy/260552/
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