Samsung’s Dangerous Dominance over South Korea

Bribing the president to pardon him for the bribing charges is definitively a master move

The Samsung Group is a larger group than you might think. Not only Samsung Electronics, but each of its subsidiaries, such as insurance, bio, battery, display, finance, medical, sports, and food, has great competitiveness within the industry. It's not just that one "Galaxy" accounts for 20% of South Korea's GDP.

As a Korean, I cannot completely agree that Koreans students and their families are fixated to become a "Samsung Man". That is only half-correct. After South Korea's IMF crisis in 1997, social interest has moved from being a company man to more stable jobs (i.e. medical doctors or dentists, lawyers). In the 1980s and 90s, being a loyal company man guaranteed a long career and stable life. Nowadays such social nonverbal agreements are non-existent, and more and more students are turning for other jobs. The young generation study their high school years to be admitted to a prestigious university and get a respectable job. The South Korean job market is heavily focused on office jobs, and one of the routes just happen to be working for Samsung.  The Samsung test (GSAT) is popular not only because it's a Samsung recruit test, but also because it's a standardized private test. This makes job application processes much more clear-cut. That why the GSAT is so popular. Also there isn't a strong "hierarchy" of companies, unlike your portrayal of Korean society. There are strong conglomerates in each industry, and Samsung just happens to be a major player in most of them. An automotive engineer would apply for Hyundai-Kia motors, and a software engineer would apply for Kakao Inc. It all depends on what field you are job searching. I just wanted to point out some wrong interpretations on our society. Thanks

Samsung takes "too big to fail" to a whole new level

I am Korean and I am very amazed by how accurate this convoluted riddle was explained. Although I would say, it is bit exaggerated about all Korean people want to get into Samsung. It is a stable job with a good pay but that doesn’t mean it is the best.

"Corporations can't run countries." Sam is gonna freak out when he finds out about United Fruit Company

As a Korean I feel it's not a healthy structure in which a single company has so much effect on country. There are other large corporations but Samsung definitely takes large part in daily life. I live in an apartnemnt constructed by Samsung. Majority of appliances at my home are Samsung, my insurance is Samsung, I graduated University whose foundation is Samsung owned, I do my gorcery shopping on online mall owned by Samsung. If Samsung somehow collapsed it would shake the foundation of my daily life

My university professor claimed that the investigation that led to former S Korea's president Park's impeachment was triggered when a university student questioned how Park's friend Choi's daughter was able to get an 'A' for a university module despite skipping some lectures

As a South Korean: #1 very timely video. Tomorrow (Nov 17th) is college entrance exam day, which many will move on to prepare for the Samsung test mentioned. (GSAT) Samsung also has programs that recruits bright students from various universities. #2 South Korea is dominated by conglomerates because it was always a war economy, and will be until Korea is unified. Samsung, Hyundai, Hanwha, LG etc all take a part in producing weapons, ammunition, military vehicles etc. Only when you have massive industrial plants and complexes like the ones conglomerates own can the entire economy be focused on mass production of whatever becomes necessary, and make the transition at the flick of a switch. Having a small number of conglomerates was also a key component of Korea's state-led economic growth. Samsung investing in electronics wasn't its own doing but its allotted industry, ordered by the government. Even now long-term decisions in which future industries to invest in are often decided beforehand, so companies minimise wasting investment/R&D money competing for the same market. #3 I do not think Samsung's dominance will continue for long. Its prestige and superiority is based on the international market, which is currently being competed by many firms. Samsung CEO also has a drug problem and may not be too focused on how to keep the company dominant globally long term. And given very small size of South Korea's domestic demand, losing intl market will make Samsung suffer. Addendum: 한국인들이 계속 한국인 맞냐, 내가 아는거랑 다르다 하는데 어디서 틀린걸 말한건지 모르겠음 1) GSAT: 가장 많은 구직자들이 보는 시험이 되었다. 상반기 하반기 각각 9만~10만 명 정도 응시해, 대한민국에서 치러지는 시험 중 4번째로 큰 규모를 자랑한다. 2) 한국경제는 전쟁경제체제다: 당연함. 법률적 기반은 통합방위태세와 국민총동원령, 경제적 기반은 재벌체제임. 박정희 대통령은 1967년 '제2경제론'을 제시하며 제1경제와 제2경제를 공식석상에서 드러냄. 이는 물질적 측면의 제1경제와 다른 정신적 측면의 제2경제라는 명명으로 ‘총력전론’에 따른 사상전력화의 의미를 띄며, 언제든지 총력전에 들어갈 수 있도록 만듬. 재벌체제로 전쟁때 제일 필요한 철강, 조선, 전자 등 수출 주도형 중공업을 육성한게 그래서임. 지금도 한국경제는 동일한 사업으로 먹고 살고. 경제가 중소기업 주도가 아니라 대기업/재벌 주도로 가면 전쟁동원, 군수산업화, 전쟁경제정책 등 모든게 더 수월해짐. 3) 삼성의 영광은 오래 갈 거 같지 않다: 알아서 뉴스 보도록

In some ways, getting employed by Samsung or any family-run multinational companies in South Korea is almost like becoming a worker of a stable public service job in some countries: job security and pensions are guaranteed as well parents will be gleefully happy & grateful knowing that their grown-up children are working in one of the chaebol companies that promises lofty benefits.

Half correct and half wrong Not every students want to go Samsung. It's about positions and quality. And almost every companies in S. Korea have their own specialties. Beside Samsung(semiconductors), there are many decent companies in South Korea. They've got Hyundai (car, ship, construction), LG (batteries, display, home app.), SK(energy, battery, semiconductors), Kakao(IT), POSCO(steel), GS(refining), Lotte(chemical & distribution), Doosan(construction) etc. South Korea has dominated various industrial fields such as semiconductors, home appliances, display, batteries, ships, cars, refining, constructions, even softpowers, weapons etc.

Have a look at the Wallenberg family in Sweden. They own roughtly 40% of swedish companies through majority shareholder power, as well as outright owning the swedish stockmarket (the servers housing the stockmarket). They also hold about 50% of swedish GDP in wealth. They should make for an interesting video

As a Korean, buying Korean domestic products is not just because of the brand royalty. A/S is very fast. Because their market domination is large and there are so many branches, so when my LG laptop, Samsung phone, or Hyundai car has a problem, I can fix it on the same day by visiting the brand shops at very low cost. I also used an HP laptop, and it took one month to repair. Apple is one of the few exceptions because many people use them to get the AS fast. and people like to buy foreign luxury bags because those things do not have repairing problems, usually. In conclusion, when people consider their budget, quality and A/S period, they usually conclude to buy the Korean product, even though foreign products seems to be better

This was one of the most interesting and gripping episodes you've ever made. The logistics of corruption tempered by pragmatism. I was glued to the screen. <3

I loved that you gave suggestions at the end, thats a really nice touch.

I'm south korean who lives in Seoul, and his information is quite almost true. We don't have oil or gas, farming areas, or land to intermediary trade.. The new trend of South Korea development were in semiconductor, and it conducts mostly made by samsung, and kpop culture.. People in south korea are afraid of tsmc, because it is a new gust, and very powerful rival to samsung..( already far across samsung in making semiconductors) And in the mobile industry, China's technologies are getting stronger in terms of 3years..

Today's fact: The University of Minnesota is older than Minnesota the state itself.

Interesting topic. Not long ago I visited South Korea and I couldn’t help to notice how fast things are being built and how modern the country is. When I did a little research I was stunned when I found out how much Samsung has invested in the country.

I'm a long time subscriber who is Korean, and I feel like ur research is super extensive and insight is amazing once again. It's the first time hearing Lee pronounced as "Eeh" from a forenigner ever.

Corporation can't run countries... East India company: Hold my tea cup