The South-Korean state's industrialization programs achieved national economic ob-jectives through the use of government economic policies, defined as “measures by which a government attempts to influence the economy” (Encyclopedia Britannica, 2008). This paper focus on three government economic policies namely ‘Export-oriented in-dustries' (EOI), ‘Heavy and Chemical industries'(HCI) and ‘Financial Liberalization'(FL). It argues these policies influenced the development of business groups, called chae-bols. They consist of “large companies in highly diversified business areas, owned and managed by family members or relatives” (cited in Thomson 1998, 139). Long run benefits and problematic legacies resulted from these policies from 1960s to 1997. This essay is split into four parts. In the three first parts each policy discusses the influence on the develop-ment of the business groups and the resulting problems and benefits, respectively. The fourth part (4) attempts to analyze some common problems and benefits that are present in these three policies.
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[...] Consequently, the high diversification of chaebols reduced factors of market imperfection and increased product market preemption, resulting in the growth of internal markets and resources (Kim et al 34-36). In contrast, the small and medium enterprises (SMEs) remained under- capitalized, neglected by government agencies, exploited by the large chaebol groups (Tipton 1998, 433-434), and thus failed to attain the large size necessary to compete on global markets (Shin 2002, 116). Consequently, the export promotion policy prioritized the chaebols' expansion at the expense of the SMEs' development. [...]
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