A Chaebol is a South Korean family-run conglomerate (such as Samsung, Hyundai, and LG Group), which gained power during South Korea’s rapid post war development due to significant government support. In 2021, the 10 largest Chaebols accounted for nearly 60% of South Korea’s GDP.
South Korea’s two prominent political parties are the centrist-liberal Together Democratic party (DPK), and the conservative People Power party (PPP). Currently, the president, Yoon Suk Yeol, represents the PPP, while the majority of seats have been recently won by the DPK. The previous president, Moon Jae-in, who represented the DPK, sought to reduce the power of these Chaebols, but was unsuccessful due to the PPP holding the majority of seats at the time.