117-507: Daewoo ( UK : / ˈ d eɪ . uː / DAY -oo ; US : / ˌ d eɪ ˈ w uː / day- WOO ; Korean : 대우 ; Hanja : 大宇 ; IPA: [tɛ.u] ; literally "great universe" and a portmanteau of " dae " meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group , was a major South Korean chaebol (type of conglomerate) and automobile manufacturer. It
234-484: A bending of regulation in favour of these problematic firms. Hanbo Group, formerly South Korea's second-largest steel-maker, is a good example of this. In the 1990s the company paid for special arrangements with high-ranking politicians so that it could secure contracts for large government projects over its competitors. Hanbo went bankrupt in 1997 after defaulting on debt payments along with other governance issues. Numerous chaebol companies had similar private agreements with
351-549: A century as Received Pronunciation (RP). However, due to language evolution and changing social trends, some linguists argue that RP is losing prestige or has been replaced by another accent, one that the linguist Geoff Lindsey for instance calls Standard Southern British English. Others suggest that more regionally-oriented standard accents are emerging in England. Even in Scotland and Northern Ireland, RP exerts little influence in
468-631: A common name. Even in the latter case, each is almost always owned, controlled, or managed by the same family group. South Korea's chaebols are often compared with Japan's keiretsu business groupings, the successors of the pre-war zaibatsu , but they have some major differences: The chaebol model is heavily reliant on a complex system of interlocking ownership. The owner, with the help of family members, family-owned charities, and senior managers from subsidiaries, has to control only three of four public companies, which control other companies that control subsidiaries. A good example of this practice would be
585-404: A competitive economy more power must be given to the chaebols. In recent years, the leading political parties of South Korea have shifted their focus from supporting large corporations to promoting economic diversification. Different reforms have been proposed or enacted to deal with the influence, power, and corruption associated with the chaebols, though it has been questioned whether real reform
702-537: A form of " crony capitalism " which is common in developing countries. Because the government gave out incentives to help businesses, it had a lot of control over them. However, there was no way to ensure the businesses would use the incentives effectively and efficiently. In other words, there was no external monitoring system to monitor chaebols and ensure that they were efficient in the allocation of resources. All businesses undertake internal market transactions, which constitute "purchase and sale of intermediate inputs,
819-501: A greater movement, normally [əʊ], [əʉ] or [əɨ]. Dropping a morphological grammatical number , in collective nouns , is stronger in British English than North American English. This is to treat them as plural when once grammatically singular, a perceived natural number prevails, especially when applying to institutional nouns and groups of people. The noun 'police', for example, undergoes this treatment: Police are investigating
936-525: A key role in developing new industries, markets, and export production, helping make South Korea one of the Four Asian Tigers . Although South Korea's major industrial programs did not begin until the early 1960s, the origins of the country's entrepreneurial elite were found in the political economy of the 1950s. Very few Koreans owned or managed larger corporations during the Japanese colonial period. After
1053-406: A lesser class or social status and often discounted or considered of a low intelligence. Another contribution to the standardisation of British English was the introduction of the printing press to England in the mid-15th century. In doing so, William Caxton enabled a common language and spelling to be dispersed among the entirety of England at a much faster rate. Samuel Johnson's A Dictionary of
1170-641: A member of a chaebol family, Chung Mong-joon , president of Hyundai Heavy Industries , successfully ran for the National Assembly of South Korea . Other business leaders were also chosen to be members of the National Assembly through proportional representation . Hyundai has made efforts in the thawing of North Korean relations , despite some controversy. Many South Korean family-run chaebol have been criticised for low dividend payouts and other governance practices that favor controlling shareholders at
1287-401: A population ranked 26th in the world, before the crisis, the country had seven major automobile manufacturers. Afterward, only two major manufacturers remained intact though two additional continued, in a smaller capacity, under General Motors and Renault . Chaebol debts were not only to state industrial banks but also to independent banks and their financial services subsidiaries. The scale of
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#17328560794371404-648: A process called T-glottalisation . National media, being based in London, have seen the glottal stop spreading more widely than it once was in word endings, not being heard as "no [ʔ] " and bottle of water being heard as "bo [ʔ] le of wa [ʔ] er". It is still stigmatised when used at the beginning and central positions, such as later , while often has all but regained /t/ . Other consonants subject to this usage in Cockney English are p , as in pa [ʔ] er and k as in ba [ʔ] er. In most areas of England and Wales, outside
1521-477: A range of blurring and ambiguity". Variations exist in formal (both written and spoken) English in the United Kingdom. For example, the adjective wee is almost exclusively used in parts of Scotland, north-east England, Northern Ireland, Ireland, and occasionally Yorkshire , whereas the adjective little is predominant elsewhere. Nevertheless, there is a meaningful degree of uniformity in written English within
1638-617: A rarity in South Korea. Especially in the era before the 1997 Asian financial crisis , the only products available to the Korean people were those made by chaebols. Therefore, the social fabric of the country lacked a welcoming culture toward entrepreneurship. The intensity and extent of market concentration became evident as 80% of the country's GDP is derived from chaebols. The largest of the group, Samsung, exports 20% of South Korea's goods and services alone. Although no longer financially supported by
1755-511: A regional accent or dialect. However, about 2% of Britons speak with an accent called Received Pronunciation (also called "the King's English", "Oxford English" and " BBC English" ), that is essentially region-less. It derives from a mixture of the Midlands and Southern dialects spoken in London in the early modern period. It is frequently used as a model for teaching English to foreign learners. In
1872-604: A sense of responsibility". Workers commit to long hours, most notably on weekends and holidays, to appease their superiors. Company outings and drinking sessions tend to be compulsory to foster a sense of family and belonging among employees. Employers believe that enhancing a common bond between them would translate into prosperity and productivity for the company. Other practices that would be uncommon for Western workplaces to engage in include gift-giving to employees and arranging dates for workers in search of relationships or marriage. Chaebols are notoriously hierarchical. As such, it
1989-437: A year where the group lost a total of ₩ 550 billion (equivalent to ₩876.34 billion or US$ 775.23 million in 2017) on sales of ₩ 62 trillion (equivalent to ₩98.79 trillion or US$ 87.39 billion in 2017). At the end of 1997, South Korea's fourth-largest chaebol had a debt of nearly five times their equity. While Samsung and LG cut back in the midst of the economic crisis, Daewoo took on 40% more debt. By 1999, Daewoo,
2106-525: Is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972. Chaebol have also played a significant role in South Korean politics . In 1988,
2223-725: Is also due to London-centric influences. Examples of R-dropping are car and sugar , where the R is not pronounced. British dialects differ on the extent of diphthongisation of long vowels, with southern varieties extensively turning them into diphthongs, and with northern dialects normally preserving many of them. As a comparison, North American varieties could be said to be in-between. Long vowels /iː/ and /uː/ are usually preserved, and in several areas also /oː/ and /eː/, as in go and say (unlike other varieties of English, that change them to [oʊ] and [eɪ] respectively). Some areas go as far as not diphthongising medieval /iː/ and /uː/, that give rise to modern /aɪ/ and /aʊ/; that is, for example, in
2340-638: Is based on British English, but has more influence from American English , often grouped together due to their close proximity. British English, for example, is the closest English to Indian English, but Indian English has extra vocabulary and some English words are assigned different meanings. Chaebol A chaebol ( UK : / ˈ tʃ eɪ b əl , ˈ tʃ eɪ b ɒ l / CHAY -bəl, CHAY -bol , US : / ˈ tʃ eɪ b oʊ l , ˈ dʒ ɛ b əl / CHAY -bohl, JEB -əl ; Korean : 재벌 [tɕɛbʌɭ] , lit. ' rich family ' or ' financial clique ' )
2457-717: Is extremely helpful, especially when it comes to determining how these corrupt conglomerates are still heavily supported, considering foreign investors show little interest in them. A study published in the Journal of the Japanese and International Economies found that after the 1997 Asian financial crisis, foreign investment behavioural patterns changed drastically. While foreign investors like to hold shares in large companies with high profit and liquidity margins, they do not show any particular interest in either chaebol or non-chaebol companies. Nonetheless, chaebols are still able to survive, highlighting just how much power and aid they receive from
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#17328560794372574-719: Is included in style guides issued by various publishers including The Times newspaper, the Oxford University Press and the Cambridge University Press . The Oxford University Press guidelines were originally drafted as a single broadsheet page by Horace Henry Hart, and were at the time (1893) the first guide of their type in English; they were gradually expanded and eventually published, first as Hart's Rules , and in 2002 as part of The Oxford Manual of Style . Comparable in authority and stature to The Chicago Manual of Style for published American English ,
2691-404: Is known as the "Five Principles of Corporate Governance". These were the enhancement of management transparency, strengthening owner-manager accountability, elimination of cross-debt guarantees among chaebol affiliates, improvement of capital structures, and consolidation of core business areas. In his plans, debt-to-equity ratios was to be below 200%. Chaebol subsidiaries that were debt-laden or on
2808-512: Is not the only chaebol chairman to be excused from a criminal conviction. Choi Tae-Won of SK Group , Chung Mong-Koo of Hyundai , Kim Seung-Youn of Hanwha, and Shin Dong-bin of Lotte are a few examples of chairmen who have been charged, convicted, or are currently serving a prison sentence for white-collar crime. Accusations include bribery, tax evasion, accounting fraud, embezzlement, and violent crime. Typically chaebol chairmen are pardoned. In
2925-425: Is now known as " Daewoo Electronics " and is focused solely on manufacturing electronics. Daewoo Electronics survives to this day, despite bankruptcy, with a new brand logo "DE", but many of the other subsidiaries and divisions have become independent or simply perished. In North America, Target stores market Daewoo Electronics products under their "Trutech" brand on an ODM basis. In 2004, General Motors pulled
3042-511: Is now northwest Germany and the northern Netherlands. The resident population at this time was generally speaking Common Brittonic —the insular variety of Continental Celtic , which was influenced by the Roman occupation. This group of languages ( Welsh , Cornish , Cumbric ) cohabited alongside English into the modern period, but due to their remoteness from the Germanic languages , influence on English
3159-565: Is possible. Under Kim Dae-Jung and in the wake of the 1997 Asian financial crisis , many reforms were made to the chaebols. Most of these changes pertained to corporate structure, transparency in financial reporting, cuts in government subsidies, corporate governance, and debt stabilization. In 1997, the IMF provided a bailout loan of $ 60 billion conditional on revision. Distressed financial institutions were to be closed down and those that were deemed viable were to be restructured and recapitalized by
3276-504: Is rarely merit-based. Rather, it is through the order of age and time served to the conglomerate. This is reflected by the fact that most executives are far older than their employees. If a worker does not attain an executive or senior-management role by the age of fifty, he or she is commonly forced to resign. Again, this is attributable to the age-hierarchy dynamics in Korean Confucian culture. A typical firm heavily emphasizes loyalty to
3393-456: Is the case for English used by European Union institutions. In China, both British English and American English are taught. The UK government actively teaches and promotes English around the world and operates in over 200 countries . English is a West Germanic language that originated from the Anglo-Frisian dialects brought to Britain by Germanic settlers from various parts of what
3510-477: Is unusual for an individual to challenge or question the decision-making of his or her boss. This dynamic adds to the culture that orients itself around whoever is in charge but can lead to undesirable circumstances. For example, the Asiana flight 214 crash led critics to speculate that cultural factors prevented a pilot on board from aborting the low-speed landing and thus straying from his superior's commands. Promotion
3627-530: The Chambers Dictionary , and the Collins Dictionary record actual usage rather than attempting to prescribe it. In addition, vocabulary and usage change with time; words are freely borrowed from other languages and other varieties of English, and neologisms are frequent. For historical reasons dating back to the rise of London in the ninth century, the form of language spoken in London and
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3744-562: The 1997 Asian financial crisis , huge debts had accumulated, many of which were hidden. That gave the illusion that the system was flourishing into the 1990s. According to the Defense Language Institute Foreign Language Center, the majority of South Korea's economy is driven by exports. South Korea is one of the leading exporters worldwide. Additionally, the majority of investors in the Korean stock market are foreign investors. Out of 711 listed companies in
3861-419: The 1997 Asian financial crisis , increasingly precarious relationships with the Korean government under President Kim Dae-jung , and its own poor financial management. With the Korean government in deficit, access to cheap and nearly unlimited credit was severely restricted. In 1998, when the economic crisis forced most of the chaebol to cut back, Daewoo added 14 new firms to its existing 275 subsidiaries, in
3978-636: The Daewoo brand of vehicles out of Australia and New Zealand, citing irreparable brand damage. Later that same year, GM announced that Daewoo Motors in Europe would be rebadged as Chevrolet on 1 January 2005. In 2005, it was announced that Daewoo cars would have a Holden badge in Australia and New Zealand. In South Africa, Thailand, and the Middle East, Daewoo models were already branded Chevrolet. In South Korea, Daewoo
4095-637: The East Midlands became standard English within the Court, and ultimately became the basis for generally accepted use in the law, government, literature and education in Britain. The standardisation of British English is thought to be from both dialect levelling and a thought of social superiority. Speaking in the Standard dialect created class distinctions; those who did not speak the standard English would be considered of
4212-662: The Korea Fair Trade Commission announces a limited chaebol list every year by size of industrial assets (not including financial companies). Chaebols with limited assurance ( 상호출자제한기업집단 ; 相互出資制限企業集團 ). The following charts list chaebols in order by different categories. Like many other conglomerates across the world, Korean chaebols have a presence in popular media. There are a large number of K-dramas that feature chaebols and chaebol family members. Some of these shows, including A Business Proposal , Coffee Prince , What's Wrong with Secretary Kim , King
4329-484: The Royal Spanish Academy with Spanish. Standard British English differs notably in certain vocabulary, grammar, and pronunciation features from standard American English and certain other standard English varieties around the world. British and American spelling also differ in minor ways. The accent, or pronunciation system, of standard British English, based in southeastern England, has been known for over
4446-486: The Scots language or Scottish Gaelic ). Each group includes a range of dialects, some markedly different from others. The various British dialects also differ in the words that they have borrowed from other languages. Around the middle of the 15th century, there were points where within the 5 major dialects there were almost 500 ways to spell the word though . Following its last major survey of English Dialects (1949–1950),
4563-560: The University of Leeds has started work on a new project. In May 2007 the Arts and Humanities Research Council awarded a grant to Leeds to study British regional dialects. The team are sifting through a large collection of examples of regional slang words and phrases turned up by the "Voices project" run by the BBC , in which they invited the public to send in examples of English still spoken throughout
4680-601: The West Country and other near-by counties of the UK, the consonant R is not pronounced if not followed by a vowel, lengthening the preceding vowel instead. This phenomenon is known as non-rhoticity . In these same areas, a tendency exists to insert an R between a word ending in a vowel and a next word beginning with a vowel. This is called the intrusive R . It could be understood as a merger, in that words that once ended in an R and words that did not are no longer treated differently. This
4797-603: The 21st century. RP, while long established as the standard English accent around the globe due to the spread of the British Empire , is distinct from the standard English pronunciation in some parts of the world; most prominently, RP notably contrasts with standard North American accents. In the 21st century, dictionaries like the Oxford English Dictionary , the Longman Dictionary of Contemporary English ,
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4914-788: The Daewoo Motor name did not appear until 1983. The Daewoo Motor brand appeared in the UK in 1995. At the time, it was the only manufacturer not using traditional dealerships – it owned and operated its own retail network. It was once considered to be among the top 10 motor companies in terms of production. Due to financial trouble, Daewoo's automotive arm, Daewoo Motors, was sold to General Motors (Korean) in 2001. The Daewoo nameplate continued in South Korea and Vietnam until 2011. The former Daewoo facilities are now producing General Motors vehicles for Asian markets. Daewoo Commercial Vehicles Division
5031-816: The English Language (1755) was a large step in the English-language spelling reform , where the purification of language focused on standardising both speech and spelling. By the early 20th century, British authors had produced numerous books intended as guides to English grammar and usage, a few of which achieved sufficient acclaim to have remained in print for long periods and to have been reissued in new editions after some decades. These include, most notably of all, Fowler's Modern English Usage and The Complete Plain Words by Sir Ernest Gowers . Detailed guidance on many aspects of writing British English for publication
5148-644: The Germanic schwein ) is the animal in the field bred by the occupied Anglo-Saxons and pork (like the French porc ) is the animal at the table eaten by the occupying Normans. Another example is the Anglo-Saxon cu meaning cow, and the French bœuf meaning beef. Cohabitation with the Scandinavians resulted in a significant grammatical simplification and lexical enrichment of the Anglo-Frisian core of English;
5265-534: The Japanese left in 1945, some Korean businessmen obtained the assets of some of the Japanese firms, several of which grew into the chaebols of the 1990s. The Japanese colonial government sometimes sought to co-opt local businessmen, and wealthy individuals often linked to land ownership, and a significant minority of industries were jointly owned by Japanese and Korean businesses. A few Korean chaebols such as Kyungbang came into existence during this era. The companies, as well as certain other firms that were formed in
5382-417: The Korean government. During the 1997 Asian financial crisis , bankers feared that chaebols would go bankrupt so they allowed these businesses to roll over their loans each time they were unable to repay their debts. Many did not believe that the chaebols were capable of collapsing and that the more they borrowed, the safer they were. However, the theory was proven wrong when many businesses collapsed during
5499-692: The Korean stock market, approximately 683 have shares that are held by foreign investors. Nearly a third of the market's value is owned by foreigners, a trend that is expected to continue. Because of their major role in the Korean stock market, foreign investors play a massive part in whether or not chaebol conglomerates remain financially successful. Foreign investors tend to avoid chaebols, especially those that displayed heavy political influence in South Korea, like Samsung and Hyundai. Investors are reluctant to invest in large control-ownership disparity businesses because these companies tended to cheat shareholders to have higher personal financial gain. This information
5616-673: The Land , and The Heirs , portray the lifestyles of chaebol family members in a comedic manner. Other dramas, however, portray chaebol family members being materialistic and arrogant, including Innocent Defendant , Remember , Vincenzo , Reborn Rich , and Big Mouth , reflecting the huge income inequality and political corruption related to chaebols in South Korea. In addition, many chaebol family members have taken to social media outlets like Instagram and Twitter , where they publish snippets of their personal lives. Some chaebols also partake in popular social media trends like mukbangs , as
5733-891: The Oxford Manual is a fairly exhaustive standard for published British English that writers can turn to in the absence of specific guidance from their publishing house. British English is the basis of, and very similar to, Commonwealth English . Commonwealth English is English as spoken and written in the Commonwealth countries , though often with some local variation. This includes English spoken in Australia , Malta , New Zealand , Nigeria , and South Africa . It also includes South Asian English used in South Asia, in English varieties in Southeast Asia , and in parts of Africa. Canadian English
5850-701: The South East, there are significantly different accents; the Cockney accent spoken by some East Londoners is strikingly different from Received Pronunciation (RP). Cockney rhyming slang can be (and was initially intended to be) difficult for outsiders to understand, although the extent of its use is often somewhat exaggerated. Londoners speak with a mixture of accents, depending on ethnicity, neighbourhood, class, age, upbringing, and sundry other factors. Estuary English has been gaining prominence in recent decades: it has some features of RP and some of Cockney. Immigrants to
5967-537: The UK in recent decades have brought many more languages to the country and particularly to London. Surveys started in 1979 by the Inner London Education Authority discovered over 125 languages being spoken domestically by the families of the inner city's schoolchildren. Notably Multicultural London English , a sociolect that emerged in the late 20th century spoken mainly by young, working-class people in multicultural parts of London . Since
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#17328560794376084-564: The United Kingdom , as well as within the countries themselves. The major divisions are normally classified as English English (or English as spoken in England (which is itself broadly grouped into Southern English , West Country , East and West Midlands English and Northern English ), Northern Irish English (in Northern Ireland), Welsh English (not to be confused with the Welsh language ), and Scottish English (not to be confused with
6201-426: The United Kingdom, and this could be described by the term British English . The forms of spoken English, however, vary considerably more than in most other areas of the world where English is spoken and so a uniform concept of British English is more difficult to apply to the spoken language. Globally, countries that are former British colonies or members of the Commonwealth tend to follow British English, as
6318-458: The West Scottish accent. Phonological features characteristic of British English revolve around the pronunciation of the letter R, as well as the dental plosive T and some diphthongs specific to this dialect. Once regarded as a Cockney feature, in a number of forms of spoken British English, /t/ has become commonly realised as a glottal stop [ʔ] when it is in the intervocalic position, in
6435-541: The automotive industry and was ranked as the seventh largest car exporter and the sixth largest car manufacturer in the world. Throughout this period, Daewoo experienced great success at turning around faltering companies in South Korea. In the 1980s and early 1990s, the Daewoo Group also produced consumer electronics, computers, telecommunication products, construction equipment, buildings, and musical instruments. Daewoo Group ran into deep financial trouble in 1998 due to
6552-481: The award of the grant in 2007, Leeds University stated: that they were "very pleased"—and indeed, "well chuffed"—at receiving their generous grant. He could, of course, have been "bostin" if he had come from the Black Country , or if he was a Scouser he would have been well "made up" over so many spondoolicks, because as a Geordie might say, £460,000 is a "canny load of chink". Most people in Britain speak with
6669-593: The chaebol in exchange for a company's political support. In the beginning, the Korean government instigated a series of five-year plans under which the chaebol were required to achieve a number of basic objectives. Daewoo did not become a major player until the second five-year plan. Daewoo benefited from government-sponsored cheap loans based on potential export profits. The company initially concentrated on labor-intensive clothing and textile industries that provided high profit margins because of South Korea's large and relatively inexpensive workforce. The third and fourth of
6786-527: The chaebol realized the plans. However, the chaebol-led industrialization accelerated the monopolistic and oligopolistic concentration of capital and economically profitable activities in the hands of a limited number of conglomerates. Park used the chaebol as a means of economic growth. Exports were encouraged, reversing Rhee's policy of reliance on imports. Performance quotas were established. Chaebols were able to grow because of two factors: foreign loans and special favours. Access to foreign technology also
6903-507: The chaebol to be more aggressive abroad. Daewoo responded by establishing a number of joint ventures with U.S. and European companies. It expanded exports of machine tools, defense products (under the S&;T Daewoo company), aerospace interests, and semiconductor design and manufacturing. Eventually, it began to build civilian helicopters and airplanes, priced considerably cheaper than those produced by its U.S. counterparts. It also expanded efforts in
7020-905: The chaebol, particularly fraudulent accounting, and bribery. Still, South Korea recovered quickly from the crisis, and most of the blame for economic problems was shifted to the IMF . The remaining chaebols have grown substantially since the crisis, but they have maintained far lower debt levels. In 2019, the largest chaebol, Samsung , composed about 17% of the South Korean GDP and held billions of dollars in cash. However, recent financial statements of these chaebols showed that chaebols are slowly losing power due to either international competition or internal disruptions from newly emerging startups. The net profit/income of South Korea's top conglomerates has decreased from 2012 to 2015. Some chaebols are one large corporation while others have broken up into loosely connected groups of separate companies sharing
7137-567: The collective dialects of English throughout the British Isles taken as a single umbrella variety, for instance additionally incorporating Scottish English , Welsh English , and Northern Irish English . Tom McArthur in the Oxford Guide to World English acknowledges that British English shares "all the ambiguities and tensions [with] the word 'British' and as a result can be used and interpreted in two ways, more broadly or more narrowly, within
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#17328560794377254-506: The conglomerates failed to meet the conditions by the set deadlines, strict sanctions would be passed against them. During the 2008 financial crisis , many of these reforms ensured chaebols' quick recovery. Having had exposure to a massive recession before, they learned to cope better than those in foreign countries. With significantly healthier balance sheets and higher cash reserves, the chaebols were able to avoid any liquidity issues. Moreover, with fewer subsidiaries, they were less exposed to
7371-770: The country . During explorations in 2008, Daewoo found one of the largest gas fields in southeast Asia , the Shwe offshore field, in the Bay of Bengal , about 100 km off Sittwe . The field went into production in 2013. Daewoo Group had under its umbrella several major corporations: A further subsidiary was the Daewoo Development Company, funded by cash from the Group and set up to develop hotels. Seven were built in South Korea, China, Vietnam, and Africa. They were personally designed and furnished by Kim Woo-jung's socialite wife Heeja, who
7488-633: The country, according to South Korea's Yonhap News Agency. On 30 May 2006, Kim was sentenced to 10 years in prison after being convicted of fraud and embezzlement. On the last day of the trial, Kim tearfully addressed the court, "I cannot dodge my responsibility of wrongly buttoning up the final button of fate." The group was reorganized into three separate parts: Daewoo Corporation , Daewoo Engineering & Construction and Daewoo International Corporation . They are active in many markets, most significantly in steel processing, ship building and financial services. The corporate entity known as "Daewoo Corporation"
7605-613: The country. The BBC Voices project also collected hundreds of news articles about how the British speak English from swearing through to items on language schools. This information will also be collated and analysed by Johnson's team both for content and for where it was reported. "Perhaps the most remarkable finding in the Voices study is that the English language is as diverse as ever, despite our increased mobility and constant exposure to other accents and dialects through TV and radio". When discussing
7722-527: The crisis was caused by a sharp drop in the value of the currency and led to immediate cash flow concerns needed to pay foreign debts; however, the lower costs ultimately helped the stronger chaebols expand their brands to Western markets. Yet, the decline of nearby export markets in Southeast Asia, which had been fueling growth by incurring large debts, proved fatal to many. The remaining chaebols also became far more specialized in their focus. For example, with
7839-420: The crisis. Since they were linked through debt guarantees, many of the companies fell into a chain reaction. The focus on capacity expansion created debt that was manageable when the economy was growing. However, when the economy stalled, debt-to-equity ratios became a huge problem. Since the crisis, chaebols had less debt and were less vulnerable to similar crises, as was demonstrated in the 2008 crisis. With
7956-457: The early 1960s in connection with the expansion of South Korean exports. The growth resulted from the production of a diversity of goods rather than just one or two products. Innovation and the willingness to develop new product lines were critical. In the 1950s and early 1960s, chaebols concentrated on wigs and textiles; by the mid-1970s and 1980s, heavy, defence, and chemical industries had become predominant. While these activities were important in
8073-465: The early 1990s, real growth was occurring in the electronics and high-technology industries. Chaebols also were responsible for turning the trade deficit in 1985 into a trade surplus in 1986. The current account balance, however, fell from more than US$ 14 billion in 1988 to US$ 5 billion in 1989. Chaebols continued their explosive growth in export markets in the 1980s. By the late 1980s, they had become financially independent and secure, thereby eliminating
8190-607: The expense of ordinary investors . "Chaebol" is derived from the McCune–Reischauer romanization of the Korean word 재벌 ( chaebŏl ), without the breve above the o. In 2000, the South Korean Ministry of Tourism introduced a new system of converting the Korean language into the Roman alphabet called Revised Romanization . Under the new transliteration style, 재벌 is written as jaebeol , not chaebol. Despite McCune–Reischauer being largely abandoned in South Korea,
8307-474: The firm, as demonstrated in the standard recruiting process. Newly acquired employees undergo an intense initiation that includes activities such as training camps and singing company-unique songs that reiterate the production goals of the firm. The origins of the chaebol system in South Korea come as a consequence of the Korean War . The war resulted in much destruction and halted industrial production, which led
8424-400: The five-year plans occurred from 1973 to 1981. During this period, the country's labor force was in high demand. Competition from other countries began eroding South Korea's competitive edge. The government responded to this change by concentrating its efforts on mechanical and electrical engineering, shipbuilding, petrochemicals, construction, and military initiatives. At the end of this period,
8541-490: The full scope of the crisis and thus helped keep the Korean economy afloat. President Roh Moo Hyun pushed for even more extensive reform. His administration passed stringent regulations on fraudulent accounting, stock manipulation , and irregular wealth succession. Chaebols were forced to improve objectivity on their board of directors. Rather than having the decision-makers be insiders, affiliates, or family members, chaebols were expected to hold representation that reflected
8658-405: The function of chaebols as crucial to the Korean economy. When President Lee Myung-Bak took office, he pardoned Samsung Group chairman Lee Kun-Hee for tax evasion . President Lee then proceeded to champion pro-chaebol deals, including a nuclear energy contract with the city of Abu Dhabi , and loosened laws preventing the conglomerates from owning financial services companies. Samsung's leader
8775-483: The government forced Daewoo into shipbuilding. Kim was reluctant to enter this industry, but Daewoo soon earned a reputation for producing competitively priced ships and oil rigs. During the next decade, the Korean government became more liberal in its economic policies. Small private companies were encouraged, protectionist import restrictions were loosened, and the government reduced positive discrimination ( affirmative action ), to encourage free market trade and to force
8892-403: The government in this fashion. It would be most common in companies dealing with heavy industries or projects that involved government procurement and urban planning. In the past, most successful political elections were won with chaebol support. Each time a new administration or regime stepped in, it would gear its policy platform towards chaebol revitalization. This was under the claim that to be
9009-528: The government to print money to pay for the war and meet the requirements of the United Nations forces for the Korean currency, all of which caused mass inflation. This inflation caused many commodity prices to double every six months. The government had to react and so devised a plan in providing strong financial incentives to private companies between the 1960s and 1970s. These included the government's choosing to select various family businesses to distribute
9126-425: The government's position of power, allowing them to secure contracts for major government projects and provide favourable treatment to the donor firm. Examples of this type of corruption were widespread in the years leading up to the 1997 financial crisis. Many of the firms that benefited from this relationship were too indebted, had poor corporate governance, and were inefficient. There was a huge inflow of capital and
9243-516: The government, these firms have attained economies of scale on such a massive level that it is extremely difficult for a startup or small or medium enterprise (SME) to surmount the high barriers to entry. A majority of these smaller companies ended up becoming acquired by the chaebols, thereby further stacking their size and economic dominance. During recent years a growing trend to scale globally has increased among aspiring Korean entrepreneurs. Conversely, chaebols have also been moving money abroad with
9360-424: The growth of the fewer remaining chaebols, however, each of them occupies a larger portion of the economy, with the largest chaebols making up (by sales revenue) a substantial portion of South Korea's GDP. The protectionist policies and preferable government treatment granted chaebols the ability to exhibit monopolistic behaviour. The absence of a market free of intervention meant that "true competition" became
9477-453: The idea of two different morphemes, one that causes the double negation, and one that is used for the point or the verb. Standard English in the United Kingdom, as in other English-speaking nations, is widely enforced in schools and by social norms for formal contexts but not by any singular authority; for instance, there is no institution equivalent to the Académie française with French or
9594-472: The incentives (imported raw materials, commodities, bank loans). The impact was immediate, and most of the businesses flourished rapidly. The protection of infant companies allowed them to develop because of the highly regulated market, which prevented foreign companies from entering. Many companies that were not in the circle of businesses saw the system as flawed and corrupted. Corruption scandals have occurred periodically in all chaebols. Such incidents suggest
9711-416: The inception of the chaebol, the government has been closely involved in its affairs. Many of the reforms enacted over the years, especially those under President Kim Dae-Jung , have cracked down on kickbacks and preferential treatment. Moreover, the state is no longer a majority shareholder of any chaebol. But their sheer size and wealth have been used to gain influence. For the most part, the government sees
9828-402: The interests of investors, especially minority shareholders who gained a significant number of rights. As a result, it became easier for chaebols to raise capital through equity rather than riskier debt. This is because the new transparency laws and restructuring boosted investor confidence from abroad. Some competition laws were passed to attempt to limit the expansion of chaebol: Formally,
9945-511: The last southern Midlands accent to use the broad "a" in words like bath or grass (i.e. barth or grarss ). Conversely crass or plastic use a slender "a". A few miles northwest in Leicestershire the slender "a" becomes more widespread generally. In the town of Corby , five miles (8 km) north, one can find Corbyite which, unlike the Kettering accent, is largely influenced by
10062-574: The late 1940s and early 1950s, had close links with Syngman Rhee 's First Republic, which lasted from 1948 to 1960. It is confirmed that many of these companies received special treatment from the government in return for kickbacks and other payments. When the military took over the government in 1961, its leaders announced that they would eradicate the corruption that had plagued the Rhee administration and eliminate "injustice" from society. Some leading industrialists were arrested and charged with corruption, but
10179-526: The late 2010s. Consequently, chaebols have more bargaining power and often take pricing action that squeezes both suppliers and consumers. Typically the firms down the supply chain fail to increase their profit margins enough to expand and thus never see growth. Collusion among chaebols is commonplace. Price-fixing acts mean consumers expect to pay an inflated value for most goods and services. For instance, in 2012 Samsung and LG Electronics were fined for colluding to raise prices for home appliances. Since
10296-508: The later Norman occupation led to the grafting onto that Germanic core of a more elaborate layer of words from the Romance branch of the European languages. This Norman influence entered English largely through the courts and government. Thus, English developed into a "borrowing" language of great flexibility and with a huge vocabulary . Dialects and accents vary amongst the four countries of
10413-519: The levels it set forth. This affected the chaebol because it severely restricted its easy access to financing which led to over-leveraged balance sheets. Lenient accounting practices and disclosure rules were to be strengthened and standardized for international practice. Hence, transparency was increased to what would be expected from a public company. The chaebols agreed to be subject to independent auditors and were obligated to provide consolidated financial statements regularly. Kim Dae-Jung enacted what
10530-543: The loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group , which had some US$ 80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history. Investigations also exposed widespread corruption in
10647-452: The mass internal migration to Northamptonshire in the 1940s and given its position between several major accent regions, it has become a source of various accent developments. In Northampton the older accent has been influenced by overspill Londoners. There is an accent known locally as the Kettering accent, which is a transitional accent between the East Midlands and East Anglian . It is
10764-531: The mid-2010s. It was progressively phased out and replaced by Chevrolet or Ravon . The Daewoo commercial vehicle manufacturer was taken over by Tata Motors . Daewoo also moved into the oil and gas industry. While Western oil and gas companies were unwilling to conduct business in Myanmar , Daewoo is one of three oil companies, along with the French company TotalEnergies and the American company Unocal , operating in
10881-480: The need for further government-sponsored credit and assistance. By the 1990s, South Korea was one of the largest newly industrialised countries and boasted a standard of living comparable to industrialized countries. President Kim Young-sam began to challenge the chaebol, but it was not until the 1997 Asian financial crisis that the weaknesses of the system were widely understood. Of the 30 largest chaebols, 11 collapsed between July 1997 and June 1999. Initially,
10998-411: The new government realized that it would need the help of entrepreneurs if the government's ambitious plans to modernize the economy were to be fulfilled. A compromise was reached, under which many of the accused corporate leaders paid fines to the government. Subsequently, there was increased cooperation between corporate and government leaders in modernizing the economy. Government-chaebol cooperation
11115-411: The owner of Doosan , who controlled more than 20 subsidiaries with only minor participation in about 5 companies. The chairman of a typical chaebol possesses a small portion of the equity in the companies under the large umbrella of the chaebol but is very powerful in making decisions and controls all management. For example, Samsung owns 0.5% of the group's listed firms. That demonstrates a weakness in
11232-438: The provision and receipt of loan collaterals, and the provision and receipt of payment guarantees among member firms in a business group". There is the question of efficiency, especially in production and management. Therefore, the chaebol system was not very transparent. Behind the scenes, businesses were provided with subsidiary financing and intragroup transactions. This allowed them easy loans to cover their deficits, and before
11349-460: The rare case that an executive is sentenced to prison, as the CEOs of SK and CJ group were, it is typically a relatively light punishment of up to 4 years depending on the charge. Collusion between chaebol members and the government granted preferential statuses to the companies. A chaebol would funnel bribes to politicians and bureaucrats through slush funds and illegal donations. This could help maintain
11466-566: The rule of law. The method that allows this type of possession is called cross-holding, which is a horizontal and vertical structure that enhances the control of the chairman. The typical culture at one of these conglomerates is highly paternalistic. Much of the environment is defined by the chairman who acts as a "fatherly figure" to his subordinates. This can be traced back to the infusion of Neo-Confucian values that permeate Korean society. A chaebol head's demeanour towards his employee can be described as "loving" while maintaining "sternness and
11583-599: The second largest conglomerate in South Korea with interests in about 100 countries, went bankrupt, with debts of about US$ 50 billion (equivalent to $ 91 billion in 2023). Soon after the demise, Kim Woo-choong fled to Vietnam, and former Daewoo factory workers put up wanted posters with his picture. Kim returned to Korea in June 2005 and was promptly arrested. He was charged with masterminding accounting fraud of 41 trillion won (US$ 43.4 billion), illegally borrowing 9.8 trillion won (US$ 10.3 billion), and smuggling US$ 3.2 billion out of
11700-474: The smartphone market pressured rival Samsung into diversifying its revenue streams from overseas. All but 3 of the top 50 firms listed on the Korean Stock Exchange are designated as chaebols, and despite chaebols only accounting for just over 10 per cent of the country's workers, the four largest chaebols hold 70 per cent of total market capitalization, and all chaebols together holding 77 per cent as of
11817-595: The tacit endorsement of the South Korean government and investing in commercial enterprises, particularly in Koreatown Manhattan , New York City . To this day, chaebols maintain dominance across all industries. Reductions in tariffs and the removal of trade regulations designed to protect Korean conglomerates have led to increased competition from abroad. However, among domestic firms, chaebols have kept their market share intact. Most notably, Apple 's entry into
11934-606: The term is still ubiquitously written as chaebol. The word originates from the Sino-Japanese term zaibatsu ( 財閥 ), where 財 means 'wealth' and 閥 means 'clan'. The Japanese zaibatsu dominated their economy from 1868 until they were dissolved under the American Occupation of Japan in 1945. The rise and proliferation of the Korean chaebol resembles the Japanese zaibatsu at their peak. The word has been loaned into English since at least 1972. South Korea's economy
12051-587: The theft of work tools worth £500 from a van at the Sprucefield park and ride car park in Lisburn. A football team can be treated likewise: Arsenal have lost just one of 20 home Premier League matches against Manchester City. This tendency can be observed in texts produced already in the 19th century. For example, Jane Austen , a British author, writes in Chapter 4 of Pride and Prejudice , published in 1813: All
12168-403: The traditional accent of Newcastle upon Tyne , 'out' will sound as 'oot', and in parts of Scotland and North-West England, 'my' will be pronounced as 'me'. Long vowels /iː/ and /uː/ are diphthongised to [ɪi] and [ʊu] respectively (or, more technically, [ʏʉ], with a raised tongue), so that ee and oo in feed and food are pronounced with a movement. The diphthong [oʊ] is also pronounced with
12285-458: The verge of bankruptcy were instructed to be either liquidated, sold, or put up for merger. Each chaebol-holding group had to break up its subsidiaries and operations so that they were more manageable. By the end of 1997, each had an average of 26.8 subsidiaries. It was hoped that if there were fewer activities, the quality of the remaining businesses would see improvement. Many unrelated branches to their core competencies were swiftly shed. If any of
12402-560: The world are good and agreeable in your eyes. However, in Chapter 16, the grammatical number is used. The world is blinded by his fortune and consequence. Some dialects of British English use negative concords, also known as double negatives . Rather than changing a word or using a positive, words like nobody, not, nothing, and never would be used in the same sentence. While this does not occur in Standard English, it does occur in non-standard dialects. The double negation follows
12519-520: Was notably limited . However, the degree of influence remains debated, and it has recently been argued that its grammatical influence accounts for the substantial innovations noted between English and the other West Germanic languages. Initially, Old English was a diverse group of dialects, reflecting the varied origins of the Anglo-Saxon kingdoms of England. One of these dialects, Late West Saxon , eventually came to dominate. The original Old English
12636-449: Was chairwoman of the company. The most lavish is the 5-star Hanoi Daewoo Hotel, which cost US$ 163 million to build in 1996 and was decorated by Heeja with fine art, porcelain, sculptures, and marble. She invited 3,000 guests to the opening, including Russian President Vladimir Putin . Kim is believed to have spent time there while "on the run". Daewoo Motor Co., Ltd. was founded when the Daewoo Group purchased Saehan Motor in 1978, but
12753-544: Was critical to the growth of the chaebol through the 1980s. Under the guise of "guided capitalism", the government selected companies to undertake projects and channelled funds from foreign loans. The government guaranteed repayment should a company be unable to repay its foreign creditors. Additional loans were made available from domestic banks. In the late 1980s, chaebols dominated the industrial sector and were especially prevalent in manufacturing, trading, and heavy industries. Chaebols experienced tremendous growth beginning in
12870-418: Was essential to the subsequent economic growth and astounding successes that began in the early 1960s. Driven by the urgent need to turn the economy away from consumer goods and light industries toward heavy, chemical, and import-substitution industries, political leaders and government planners relied on the ideas and cooperation of chaebol leaders. The government provided the blueprints for industrial expansion;
12987-782: Was founded by Kim Woo-choong in March 1967. He was the son of the Provincial Governor of Daegu . He graduated from the Kyonggi High School, then finished with an Economics Degree at Yonsei University in Seoul . During the 1960s, after the end of the Syngman Rhee government, the new government of Park Chung Hee intervened to promote growth and development in the country. It increased access to resources, promoted exports, financed industrialization, and provided protection from competition to
13104-537: Was founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999, with debts of about US$ 50 billion (equivalent to $ 91 billion in 2023). Prior to the 1997 Asian financial crisis , Daewoo was the second largest conglomerate in South Korea after the Hyundai Group and behind Lucky-Goldstar (later became LG Corporation). There were about 20 divisions under the Daewoo Group, some of which survived as independent companies. The Daewoo Group
13221-422: Was never a truly mixed language in the strictest sense of the word; mixed languages arise from the cohabitation of speakers of different languages, who develop a hybrid tongue for basic communication). The more idiomatic, concrete and descriptive English is, the more it is from Anglo-Saxon origins. The more intellectual and abstract English is, the more it contains Latin and French influences, e.g. swine (like
13338-539: Was renamed GM Korea. As part of the company reorganization, the content and the structure of its brand portfolio (its brand architecture) was reorganized. In 2011, GM discontinued the Daewoo brand name in South Korea and Vietnam and replaced it with the Chevrolet brand. The brand stayed used by GM in various CIS countries where it had a strong presence such as Belarus , Tajikistan , Moldova , Kazakhstan and Uzbekistan until
13455-419: Was small and predominantly agricultural well into the mid-20th century. However, the policies of President Park Chung Hee spurred rapid industrialisation by promoting large businesses, following his seizure of power in 1961. The First Five Year Economic Plan by the government set industrial policy towards new investment, and chaebols were to be guaranteed loans from the banking sector. The chaebol played
13572-523: Was sold to Tata Motors . As of September 2022, companies that remain with the "Daewoo" brand name are: British English British English (abbreviations: BrE , en-GB , and BE ) is the set of varieties of the English language native to the United Kingdom of Great Britain and Northern Ireland . More narrowly, it can refer specifically to the English language in England , or, more broadly, to
13689-521: Was then influenced by two waves of invasion: the first was by speakers of the Scandinavian branch of the Germanic family, who settled in parts of Britain in the eighth and ninth centuries; the second was the Normans in the 11th century, who spoke Old Norman and ultimately developed an English variety of this called Anglo-Norman . These two invasions caused English to become "mixed" to some degree (though it
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