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February 25, 2013

South Korea’s chaebols are the foundation of the country’s economic success story. But have these businesses turned into monsters?  

Imagine you are the fantastically wealthy owner of a vast South Korean conglomerate with a young daughter who doesn’t know what she wants to do with her life. She needs a hobby. What do you do? Give her a bakery, of course. Sounds harmless? Not so.

Early in 2012 there was a vast public blowback against the swanky bakeries owned by the daughters of South Korean moguls, which were accused of putting traditional small Korean bun-sellers out of business. The outcry was so great that even politicians leapt on to the bandwagon.

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