Lagos — Writing recently in a study of the East Asian economic miracle, a South Korean IT expert, Leon Lee noted that Zaibatsu, Keiretsu, and Chaebol to the uninitiated sound like fancy foreign words for Lions, Tigers, and Bears. In reality, he noted, these were powerful corporate entities that transformed East Asia into a modern economic powerhouse.
According to Lee, all three entities reflect the socio-political strata of their respective regions. Qualities such as fostering rapid industrialisation, lifetime employment, and adherence to certain Confucian-based social doctrines were commonplace. The concentration of such economic power brought rapid modernisation to both Japan and Korea.
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