Out of tune: piano maker Samick tried for the business big leagues, but drowned in a sea of debt. Its failure is a stark reminder of the obstacles South Korea's small and mid-sized companies face
Article Abstract:
Samick Musical Instruments of South Korea built itself up to become one of the top piano makers in the world, but sank into insolvency in 1996. Many small and medium-sized firms have gone bankrupt as the country's economic structure still leans towards the conglomerates, or chaebols. Smaller companies have less access to funds, people and technology, and the government has set up a new Small and Medium Business Administration. Samick is aiming to divest its loss making subsidiaries to focus on the still profitable musical instrument side.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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Choose your potions
Article Abstract:
Many people in S Korea use both traditional and modern medicine. The government set a test for pharmacists to qualify them to deal in herbal medicines in May 1996, but established practitioners criticized this for being too easy, and the pass rate was 96.9%. Traditional doctors threatened a strike but decided against this after gaining public support. Pharmacists often give advice as doctors, while herbalists tend to prescribe medicines and the roles have become blurred despite a legal separation between druggists and doctors.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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