Evaluating the aftermath of the economic collapse in South Korea is a difficult matter. Of course the economy will not remain completely the same, economic reform has weeded out most corruption, inefficiencies and dependence on foreign capital. In an effort to break up the huge chaebol regulating the power sector in 2000, “the government broke the company [Korean Electric Power Corporation] up into six separate generating units, designed eventually to compete with one another. A seventh company, which will retain the Kepco name will be (initially) charged with managing transmission and distribution.” (Analysis; South Korea Survey, Petroleum Economist) Privatizing the power sector of the South Korean economy is a huge step toward eliminating the dangerous chaebol monopolies which caused the economic crisis. Over the past few years, privatization efforts similar to this one are decreasing the potential for another financial crisis. Such efforts at economic liberalization are praiseworthy since chaebol-ownership of industry was so ingrained in the South Korean model before 1997.
