Korean ruling class

The Korean ruling class, or Korean power elite, is the relatively small number of Korean people who through similar schools, education, family clans, upbringing, or corporate chaebol wealth and urban power control decision making and policy within either of the partitioned Koreas.

This group is placed within the historical tradition of Confucianism and yangban scholars whose creation can be dated towards the end of the Goryeo dynasty; and that continues through the republican post-1945 and contemporary period; and which is represented by a controlling benevolent stewardship of the politics and economy of Korea by seniors or the older urban-dwelling elements of the population which crosses class, religious, party, and political lines.

Introduction

Power sharing in Korea has always had similarities to Athenian models of western democracy. Both the creation of leaders and the succession of kings were done by the older and more senior members of Korean society. Rule was never done by fiat, and supremacy was always by consensus of powerful stakeholding families, much similar to that after the western Magna Carta. Even in the earliest times no ruler or king was trusted with either personal armies loyal to him only, or unlimited power. Abdication was often the case even from within the palaces; and dynasties fell even after one battle was lost which had little historical consequence. And it was only after the Japanese occupation period in Korea that leaders akin to dictators assumed supreme power in Korea as Korea struggled to find a new group of homogenous trustworthy leaders to build their future outside of non-scientific leadership class who had failed to develop modernity.

Stability or state-harmony thus depended upon strong pressures leading upwards from all ranks of society with an upward trust in the benevolence and dutifulness of the ruling orders, while at the same time a passive acceptance of their rule once it was established by the majority; even if factionalism and intense debate on succession issues has both inspired and paralyzed Korean political history. Failure at the top inspired a general popular sense of national bad luck, that could only come from the ruler being replaced; which effected a national will that in no way could be defeated by those few at the top who were chosen to rule and guide Korea to the future.

Buddhist schoolmen and medieval monastic power

As in the western medieval times, the Buddhist schoolmen and monastic class had massive riches, and power from the Silla period to the end of the Goryeo dynasty. Rice production, political power through proximity to Goryeo kings, and huge numbers of slaves were central to this ruling class.

Bone Rank System of Silla

The bone rank system was the system of aristocratic rank used in the ancient Korean kingdom of Silla. It was used to segregate society, and particularly the layers of the aristocracy, on the basis of their hereditary proximity to the throne and the level of authority they were permitted to wield.The idea of royal blood in other societies is a close analogue to the idea of sacred bone in Silla thought. Bone rank was strictly hereditary, and thus acted as a caste system.

Korean ruling classes in the Goryeo dynasty

Neo-Confucian Joseon period yangban leadership

The yangban Confucian scholars grew to prominence during the Joseon dynasty period. From the late 14th century onwards, the "yangban" class formed the administrative backbone of the Korean nation. They occupied the highest echelon of social caste system.

Japanese occupation period

From 1905 to 1945, an attempt was made by Japan to create in effect a quisling elite, through forced or voluntary education in Japan, in order to root out the old nationalist Korean class in favor of Japanese loyalists. While it is difficult to determine the exact numbers of Koreans educated in Japan who became part of the ruling elite to 1945, enough impetus occurred for those in the early republican period, during the Korean war to once more study in Japan and bring back technology and business practices back to Korea without the stigma of earlier coercion. Thus a second wave of Japanese educated elite entered Korean influence from the 1960s through 1970s, twenty years after their education in the late 1940s and early 1950s in Tokyo.

Post WW2

After the Korean war and by the 1960s, a new generation of heavy manufacturing millionaires and soon to be billionaires came into being.

* Chung Ju Yung, (1915-2001) the founder of the Hyundai Group and the richest man in Korea in the 1990s with over 170,000 employees.

Business elites and ruling classes

Alongside this came a new ruling class elite, who graduated from the famous universities, and most often spent time studying abroad: most notably in the United States. With the highest respect going to those with degrees from the Ivy League, and in business or MBAs.

American Christian colleges and universities have also built very strong influence and power within their own Korean elite classes, and educated a second and third generation of Koreans with American values and linkages, who have taken increased power in business and in government, particularly in Seoul, and the central provinces.

Technocrat elites and ruling classes

Technocrats with degrees in the sciences or engineering have mostly been subsumed in power and influence in the political process, but have contributed to great success in the larger manufacturing combines, energy and resource cartels, "chaebols", and cross-linked industries.

Tele-com and internet elites and ruling classes

By 2005, a new ruling elite spurred by telecommunications and the internet had come into being: and English studies abroad fell, with a new class of elite studying in China, and planning on extensive business dealings with China upon graduation. At the same time because of the similarity of the Turkic languages to Korean, there have been extensive links with Mongolia launching new elites who will base their fortunes upon export and development in this region.

The Korean rich list

There is currently no published Korean rich list, despite the wikipedia entry, but Forbes and other chroniclers of the power elites of the world have found sufficient high profile rich in Korea as to generate accurate numbers.

Forbes magazine has hinted at Korea having at the very least 7 high billionaires living on the peninsula, and at least ten families alone who control in the high billions in assets. There are possibly another 5 Korean billionaires abroad, mostly in the USA who maintain dual citizenship.

Low billionaire families are generally accepted to number more than 10 and less than 20; while domestic newspapers have indicated that there are at least 100 families who have more than $250 million in assets: primarily real estate and land being developed; or in manufacturing who have a high enough profile as to be reasonably defined as amongst the very wealthy of the world.

Estimates on the number of Koreans who own more than a million US dollars in assets apart from their houses, and discarding all debts, are figured to be in the range of 65,000 high net worth individuals (HNWI) according to Merrill Lynch research by June 16, 2004. Article cited below.

Amongst the historically most powerful business elite leaders have been:

* Chung Ju-yung (정주영)
* Chung Mong-hun (정몽헌)
* Kim Woo-jung (김우중)
* Kim Yong-san (김용산)
* Lee Byung-chul (이병철)

ee also

*List of billionaires
*Korean rich list
*List of famous Koreans

External links

* [http://english.chosun.com/w21data/html/news/200406/200406160032.html Number of Korean millionaires increases. Study cites 65,000 high net worth individuals in Korea]
* [http://www.seoulselection.com/weekly_book_info_view.html?bid=172 Secrets of Korean real estate millionaires, 110 multi-millionaire Korean real estate investors identified, and interviewed]
* [http://english.kbs.co.kr/news/newsview_sub.php?menu=4&key=2005030815 Daewoo billionaire story]
* [http://www.geocities.com/tycoon_village/forbesrich2002.html Forbes Asian rich list 2002]
* [http://www.asia2000.com.hk/asia2000/asia2000/koreandynasty.shtml Biography of the Hyundai group and Chung Ju Yung, includes billionaire Chung's attempt to win a position in the 1992 presidential elections]
* [http://world.kbs.co.kr/english/news/news_detail.htm?No=24902 Kim Jeong-Hoon biography]