South Korea’s economic story in the latter half of the twentieth century and into the twenty-first is often told in terms of its chaebols — large family-controlled conglomerates such as Samsung, Hyundai, LG, SK, and Lotte. Yet family businesses in South Korea are much more than the chaebol giants; they permeate the entire spectrum of the economy, from small and medium enterprises (SMEs) in provincial towns to globally competitive exporters, and their influence extends far bey

When cultural traditions and interpersonal relationships coincide, businesses start acting in irrational ways. The world knows that...