SKoreans question chaebol power as vote nears

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Associated Press

Posted on December 18, 2012 at 3:35 AM

Updated Tuesday, Dec 18 at 4:02 AM

SEOUL, South Korea (AP) — South Korea's presidential election campaign has highlighted discontent with the family-controlled industrial conglomerates that dominate the country's economic life.

The two main candidates promise to curb the power of chaebol as the conglomerates are known here.

South Koreans head to the polls on Wednesday to elect new president for the next five years.

South Korea faces a far less rosy economic outlook than five years ago and there are growing complaints that gains by big corporations do not trickle down to small enterprises and the public.

A recent survey shows many voters believe a fairer distribution of wealth will boost economic growth.

But neither candidate is likely to tinker too much with a model that transformed South Korea into a global business power.

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