Abstract
Chaebol and zaibatsu are business groups found in South Korea and Japan, respectively. They are known for their strong family ownership, management, diversified businesses, and close relationship with their respective governments. Due to their distinctive traits, they are known by names in their respective languages rather than as business groups or business conglomerates. South Korea's chaebol are family‐owned and family‐managed business groups with diversified businesses such as manufacturing, services, and non‐banking financial services. Japan's zaibatsu are business groups founded in the pre‐World War II period, known for their activity in the industrial and financial sectors. Because of their strong influence in Japanese society during World War II, they were disbanded and restructured by the US military after the war. Although zaibatsu are no longer existent in Japan, keiretsu are business groups found in contemporary Japan. “Keiretsu” refers to business groups that are managed by professional business managers.
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