A chaebol is a large South Korean conglomerate, typically family-owned, that operates in various industries. These companies often have significant influence over the economy and are known for their vertical integration, meaning they control multiple stages of production and distribution. Examples of well-known chaebols include Samsung, Hyundai, and LG. Chaebols emerged in the aftermath of the Korean War, playing a crucial role in South Korea's rapid economic development. They benefit from close relationships with the government, which can provide support through favorable policies and financial assistance. However, their dominance has also raised concerns about monopolistic practices and economic inequality.