A chaebol (Korean: ??

, from chae "wealth or property" + bol "faction or clan")[1

] is a South Korean form of business conglomerate. They are typically global mul
tinationals owning numerous international enterprises,[1] controlled by a chairm
an who has power over all the operations.[1][2] The term is often used in a cont
ext similar to that of the English word "conglomerate". The term was first used
in 1984.[1] There are several dozen large Korean family-controlled corporate gro
ups which fall under this definition.
The chaebol has also played a significant role in South Korean politics. In 1988
, a member of a chaebol family, Chung Mong-jun, president of Hyundai Heavy Indus
tries, successfully ran for the National Assembly of South Korea. Other business
leaders also were chosen to be members of the National Assembly through proport
ional representation. Since 2000, Hyundai has played a role in the thawing of No
rth Korean and South Korean relations