A chaebol is a large South Korean conglomerate that consists of various affiliated businesses, often under a single corporate group. These companies are typically family-owned and play a significant role in the South Korean economy, contributing to a substantial portion of the country's GDP. Notable examples of chaebols include Samsung, Hyundai, and LG. Chaebols are characterized by their vertical integration, meaning they control multiple stages of production and distribution within their industries. This structure allows them to achieve economies of scale and maintain a competitive edge in both domestic and international markets. However, their influence has also raised concerns about monopolistic practices and economic inequality.