No one would deny contribution of Samsung in Korea. It is true that Samsung has been regarded as the enabler of the country’s economic rise. They also helped the town of Pyeongchang win the rights to host the 2018 Winter Olympic Game. The Purple Pigeon is curious if the market dominance of Samsung have only a positive effect for Korean economy.

Take a look around you, you can probably find many people staring at their smart phones in their hand. Those tiny and slim machines enable you to do almost everything within your hand. While numerous corporations are producing this fantastic machine called the ‘smart phone’ with their own distinctive functions and designs, Samsung is virtually dominating the market, encroaching 70% of it. Furthermore, thanks to the highly-advanced technology of Samsung, almost all electronic home appliances are available in Samsung plaza. In short, you can drive a Samsung’s car to Samsung plaza to purchase Samsung TV and Samsung computer using Samsung credit card, and place them in the living room of your Samsung-made apartment where you will watch the Samsung-owned pro soccer team. We call this “Samsung-only” life.

Samsung is now a conglomerate industry which contributes roughly a fifth of South Korea’s gross domestic product. In this small country, it acts more as a do ­ everything monolith, building roads and oil rigs, operating hotels and amusement parks, selling insurance, making not only the world’s best-selling smartphone, the Galaxy, but also selling key components to Apple for the iPhone (The Washington Post). The first problem is that Samsung is by far the largest chaebol in Korea (Chaebol is a Korean term for a conglomerate of many companies clustered around one parent company). This conglomerate remains very prosperous as the rest of the economy slows down. In other words, recession is a great moment for them to grow and they’ve actually broadened their business that way, knocking out smaller businesses.

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Moreover, the excessive growth of Samsung limits the choices for Korean consumers. Plus, if possible they sometimes collude with other huge businesses to fix prices while harassing those who try to investigate the market. When the market is dominated by Samsung and people loose choices, Samsung would be deprived of motivation for developing better products. Here, the better products not only indicate technologically-better ones, but also eco-friendly and other things. Moreover, Samsung is also regarded as a picture of closed-door wealth (The Washington Post). This is because the chairman passes the power to his son, which is being done illegally recently. They’ve passed on power to their descendants by three generations and what they’ve done wrong is that they didn’t pay taxes for hereditary business.

It is obvious that growth of Samsung and broadening its business do not always have a positive effect for the economy of Korea. While enjoying the product of Samsung, which are fabulous so far, it is recommended for Korean people to not only think of Samsung as invincible and above the law, but also to have a better understanding about its influence on the economy.

Reference:

1) http://seattletimes.com/html/businesstechnology/2019884494_samsungempirexml.html

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2) http://articles.washingtonpost.com/2012-12-09/world/35721716_1_samsung-chairman-smartphone-market-samsung-credit-card

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The Purple Pigeon (Jong Jin Park)