Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing techlogy from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups kwn as chaebol have dominated the ecomic landscape. This collection of essays by leading political scientists and ecomists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of ecomic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.