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 The
Samsung Group (Korean: 三星 그룹, Samseong Georup) is South Korea's largest
conglomerate (chaebol) and one of the largest multi-billion dollar corporations
in the world leading several major global industries. It is composed of numerous
multinational businesses, all united under the prestige Samsung brand, one of
the most valued global brands, including Samsung Electronics, the world's
largest electronics company, Samsung Heavy Industries, one of the world's
biggest shipbuilders and Samsung Engineering & Construction, a major global
construction company. These three businesses form the core of Samsung Group and
reflect its name — the meaning of the Korean word samsung is "tristar" or "three
stars". The Samsung brand is the best known Korean brand in the world and in
2005, Samsung overtook Sony as the world's No.1 consumer electronics brand and
became part of the Top 20 global brands overall. Samsung Group is also the
leader in several other industries domestically, such as the financial,
chemical, retail and entertainment industries.
Samsung Group is South Korea's largest company and exporter and the 5th largest
transnational corporation in the world. It has been run by generations of one of
the world's wealthiest families, currently helmed by chairman Lee Kun-Hee, the
third son of the founder, Lee Byung-Chul. Samsung Group is recognized as the
most prestigious firm in South Korea, attracting and owning many of the
country's most intelligent and best talented pupils, with 25% of its employees
having a PhD degree or equivalent. South Korean Samsung employees are also
highly loyal to the company, working for very long hours with no weekends or
holidays until they retire.
Many South Korean companies such as CJ Corporation were previously part of the
Samsung Group, split apart by the government in order to reduce its power.
However, the company still has strong links with other companies, in the form of
arranged marriages between the families of Samsung Group and of other companies,
a common practice between South Korean businesses. A large number of South
Korean firms, particularly those in the electronics industry, are dependend on
Samsung for the supply of vital components or raw materials such as
semiconductor chips or LCD panels. Consequently, Samsung is able to artifically
moderate prices and has been criticised for handicapping other rivals, leading
to bankruptcy of mid to small sized businesses as they cannot compete with
Samsung. As a result, many have been taken over by Samsung Group, leading to a
complete dominance by Samsung Group in many industries.
Samsung Group accounts for more than 20% of South Korea's total exports, with
strong government support, including the ability to access unlimited amount of
funds from major banks in South Korea. In many domestic industries, Samsung
Group is the sole monopoly dominating a single market, its revenue as large as
some developing countries' total GDP. The company owns or has taken over so many
mid to small sized businesses that it is often called a 'colonial empire' or 'hungry
dinosaur'. The company has a powerful influence on the country's economic
development, politics, media and culture, being a major driving force behind the
Miracle on the Han River. Many Koreans consider Samsung Group a symbol of
national pride and businesses use its international success as a model, with the
company being known as "Another Family" in South Korea. | |
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