How the Chaebol Crashed South Korea in 1997

[@OpinionatedMatt]

Never heard of an IMF bailout that was well received or wasn’t controversial

[@johnl.7754]

Because the bank/IMF has different objectives (get money back) than the borrowers (growth) but as the lender of last resort it’s the fault of the borrowers for having to turn towards them.

[@OpinionatedMatt]

@@johnl.7754 but the IMF is not a bank per say, it’s an international institution created to promote growth, economic stability, reduce poverty in developing countries and so forth. But even when desperate countries resort to it ultimately their economy doesn’t seem to enjoy any particular benefit from it, at all.

[@3dcomrade]

In all fairness. So long the debtors can finance it and keep spending under control, its going to work even if it hurt. South Korea and Indonesia today is not hellscapes

[@RD-fb6ei]

It’s easy to be generous with other people’s money.

[@thewingedringer]

@@RD-fb6ei not your money, so dont cry

[@WormBurger]

The reason I love your channel is that even in videos on topics I thought I already knew some things (and thats very few videos, i might add), I end up learning things I never knew existed.

[@travis5867]

Just wanted to add that i love the sprinkles of comedy throughout as well. It adds a really nice element to the videos, especially on complex and hard to understand subjects.

[@kindnuguz]

Your videos are the only ones on youtube I watch from the beginning to the end, every word. Thank you

[@RinoaL]

I actually have been planning to ask my south korean friend her opinions about south korean politics new and old. Although when we last talked I decided to ask her about their power grid switching to 220v instead.

[@dziban303]

I love this channel. Great video about an interesting subject I wouldn't hear about elsewhere

[@Brighton24601]

Is that Charles Bronson as your photo? What a guy. Death Wish 3 might just be the best bad movie ever made.

[@parkerbond9400]

Here so early the Chaebol is still controlled by the government

[@RERM001]

As Riddick once said "Family is the answer".

[@burprobrox9134]

I think this is your best video yet. Very well paced

[@jddes]

Lots of great compliments in the comments I agree with, but I haven't seen anyone mention your subtitles. They're perfectly in sync every time I need them. Your stuff is just so on point

[@Gabriel250100]

Maybe I don't know much about South Korea economy or your video deserves a part two showing how they are so strong with Hyundai owning Kia, Samsung being a giant and with LG totally dominating some markets, like screens. As always, awesome video

[@sungi_ni]

17:51 the maybes killed me 😂 still appreciate your research into this topic, some answers will just be impossible to find ..

[@Ray_of_Light62]

Great summary, Jon. Thank you! Anthony

[@thethirdjegs]

Maybe it's Maybelline

[@williamnemmers2583]

Thankyou for taking the time and making the effort for these videos. I find South Korean political and economic history absolutely fascinating. I was stationed in Daegu and Chinhae for the four years I was there. There is so much underneath the surface when it comes to these topics.

[@btbucks]

I remember this, in 99 you had the Asian financial crisis.

[@cpt_bill366]

Just in time for the new Sega Dreamcast! What a hit that was...

[@deathshand6971]

I wish we learned this stuff in school here in America, South Korea is one of our key partners and they just gloss over Korea with a single sentence "We fought the communists there" and then they spend 6 units on Vietnam and act like "there was no foreshadowing for this, so unprecedented was the brutally" as if the South Koreans along with the US didnt literally fight tooth and nail in similar conditions and situations and for similar reasons like 'Nam. Thank you for your videos!

[@leonard8299]

Don't forget SKorea also participated in the Vietnam war for a massive economic stimulus and free military equipment from the U.S

[@deathshand6971]

@leonard8299 This I did not know. Honestly, I'm sure Uncle Sam would have showered them with equipment anyway given how strongly held the domino theory was, but it tracks.

[@FiredAndIced]

@deathshand6971 Most education curriculums around the world have omitted segments of their history or an overarching (series of) chapter(s) dedicated to a certain ideology[1] and therefore it is unusual for you to have gaps in understanding your country's role in history[2]. Notes: 1. For example, a large part of Malaysian history curriculum is dedicated towards the history of Islamic civilizations. 2. As an aside, when I came into the next level of my education they skipped out on covering the 1824 Anglo-Dutch Treaty because the narrative that they want to produce is that the British had been the backbone to my nation's prosperity, and they do not want insurgent/irredentist ideas about how the European Scramble [to Africa or Asia] has divided maritime Southeast Asia forever. Consider my nation's sandwich between two major neighbouring (maritime) neighbours.

[@deathshand6971]

@FiredAndIced True, and its sad that the ommission of important events in history that give contextual information on why nations and people as a general whole do what they do and how it leads to so much ignorance, especially in my country of origin. It doesn't help that my country has done so many backstabbing terrible things to many groups around the world that it creates an image that every American is like that. It doesn't help we [The American People] also have the loudest soapbox that further amplifies these ignorances both on a interstate-national scale and a international-global scale. I appreciate the time and knowledge you have bestowed upon me and wish you well. It's sad to see the United States isn't the only country where ommission of history is happening.

[@joeyjoejoejrshabadu]

Americans don't even learn sufficiently about their own country. There's no space to learn about all the others

[@Jupa]

They are so incredibly shrewd, it’s actually beautiful in a manic sort of way

[@termidzimahmod8806]

17:33 "maybe it's maybelline" that sneaky..

[@joesligo1516]

got me saying chaebol all funny now, like I got a little je ne sais quoi under my tongue, a little voulez-vos if you will.

Why did the overcapacity lead to export caps being imposed? Wouldn't you want to export more, when you have extra capacity?

[@tanker242]

How dare KZbin keep this from my feed for 43 seconds!

[@LeftHandedAsians]

Part 2 please!

[@alanywalany6460]

Higher growth under Chun very much comes down to fact that the economy entered a more advanced stage; a stage it would've entered if Park lived.

[@rickden8362]

He's confusing/conflating the chaebol financial mismanagement issues and 1997 Asian financial crisis.

[@hugoboyce9648]

Great video as always!

[@user-zo2ge3oe8d]

Yoon Suk Yeol is my bias

[@KomradZX1989]

Maybe it’s Maybelline 😂😂😂

[@BilTheGalacticHero]

Another outstanding video.

[@3dcomrade]

Will you cover the East Asian financial crisis's impact on SEA? Considering Indonesia fared the worst being the most corrupt country in the region at the time. Not to mention the 1988 deregulation that sow the seeds for the crisis later

[@jannegrey]

That's quite famous story. Though IDK if many people know about it.

[@matthewbarry376]

You should do a video on either Quinn group or CRH - Consolidated Roadstone holdings.

[@Merle1987]

These chaebol remind me of a combination of mercantilism and communism.

[@jimtalbott9535]

11:10 - These figures are awful - but I wonder how they’d compare to the same time in North Korea……

[@vincei4252]

Never get high on your own supply. -- Elvira, Scarface.

[@hmson4378]

Excellent analysis. lets get an Episode continuing where this one ended: the chaebols influence, system and Power of today.

[@alpaykasal2902]

Maybe it's Maybeline. Yes, agreed.

[@yelowpunk]

🎼maybe it's maybeliiiiine

[@roc7880]

Eventually they came out of the crisis with steady leadership.

[@JohanHultin]

Just as I was about to go to bed, why you gotta do me dirty like this Jon? Joking aside, looking forwards to another video, but will save it for the morning!

[@edp5226]

your amazing bro. big fan

[@JAGFG42]

Pretty short term thinking.

[@scottxiong5844]

History repeats itself.

[@m2useinu]

Sounds familiar

[@kevinbarry71]

what you say about Koreans blaming the West for the results of the IMF bailout are certainly true. In my opinion it's a sign of the childishness of Koreans. The results in the consequences are strictly the results of decisions made by Koreans. But it's easier to blame somebody else

[@konst80hum]

Note please that IMF mandated laws and deregulation impact most the lowest earning segments of society, who often rely on a single source of income and have little opportunity of social and economic mobility. The elites can find other revenue streams or migrate to countries where their skill are welcome. Not so the poorer folks. Thus hatred.

[@kevinbarry71]

in that case they should blame the people whose fault it is. Their government and their economic leaders. to be fair, I think Koreans have gotten better over the years at figuring out where the fault lies

[@konst80hum]

@ Not to be adversarial, but the government and their leaders are the ones who control the media and can definitively paint what picture they want and feed it to the masses. Glaring example being the Brexit misinformation campaign. If you control the flow of information you control the people.

[@manucsharma]

In US there is the Trump Org.

[@WolfmanDude]

They are so successful that they have to beg for money from trailer park residents!

[@thelastofthehitachi972]

che... what? lol

[@friskydingo5370]

It sounds like famonopoly 😂

[@robintan502]

IMF bailout or Wall Street cash grab? Korea wasn't alone in Asia, times were great for risky investments until vested interests outside of Asia engineered the 1997 crisis. We just have to tease out the majority % that owns Samsung today, and how it is rooted in 1997. The only countries in Asia that survived relatively unscathed, and without the national wealth being carted away by the West were the ones which rejected IMF and enacted currency and capital controls

[@PinnyBecker]

Third

[@OdinReactor]

1:45 Why can't you just say China instead of "Peoples Republic of China?" You didn't say "Islamic Republic of Pakistan," so why the double standard? How much is the CCP paying you?

[@Merle1987]

He's against the CCP buddy.

[@thefrench8847]

Republic Peoples and Republic of China One Country, 2 Systems.

[@tradefortutara9608]

Long history short: when the Kuomintang retreated to Taiwan after the CCP took over the mainland, there are 2 "China"s; *Republic of China* aka Taiwan & the *People's Republic of China.* Perhaps he said PRoC instead of just China is to officially differentiate them so that we the viewers are not confused.

[@Lzqraaaa]

I was laughing so loud that my boyfriend came over to check what was going on. Now we watch this video together💖