This study investigates the historical background and current situation of business ethics in South Korea. In the 1970s the South Korean economy experienced a period of rapid economic growth, commonly referred to as the ”Miracle on the Han River”. Studies of business ethics and corporate social responsibility started in the later half of this period and it was also during this time that researchers began to discuss the importance of these problems. The Asian Financial Crisis in 1997 served as a turning point for this debate and these discussions increased in intensity thereafter.
Many corporate scandals have arisen from the cozy relationships between politicians, bureaucrats and the business sector, and owners of Chaebol have even been arrested as a result of investigations into these scandals.
In recent years the Korean government and. enterprises have begun to tackle business ethics problems. An increase in foreign stockholders and a rise in civic. organization is also playing a critical role in the monitoring of business ethics problems in Korea.
South Korea
the Asian Financial Crisis
business ethics
corporate social responsibility
Chaebo