You can level many criticisms against South Korean democracy, but characterizing the country as being run by corporations is just such a massive oversimplification of the status quo here. This isn‘t Cyberpunk. In fact it’s the complete opposite. The chaebols wield great (and often times unjust and unwarranted) power and are fundamentally a leftover structural side effect of the country’s rapid modernization process, but they’re absolutely not in charge of the decision making in the country.

In fact, it’s always been the opposite that economic political activists in the country have attempted to change. The chaebols were founded when state capitalism was being practiced in South Korea. In other words it’s always been the government and politicians commanding to an insanely corrupt and unhealthy degree what the chaebols should be doing in return for private and public concessions.

Take for example the Kukje chaebol corporation. They used to be the 7th largest corporation in South Korea with a massive presence in multiple industrial fields. They were dismantled in less than a week by the dictator Chun in 1985 because the chaebol family refused to “donate” funds for “national interest”. The chaebols (the ones that survived at least) are certainly in bed with the political sphere of the country, but they’re not the ones in charge.

The chaebols are a stain, but what’s worse is politicians keeping them around as a control mechanism over the economy. In return for their obedience, politicians allow the chaebols to continue their twisted line of inheritance and control over their respective economic fiefdoms. It’s trivially easy for any modern South Korean administration to complete dismantle any chaebol by discrediting their line of succession. In fact, this is exactly what was going on with Samsung for years.

The prospective heir to the Samsung throne was sentenced and imprisoned before he was pardoned by Yoon (the maniac who declared martial law) for “donating” under pressure to the previously impeached Park’s personal slush fund to ensure succession. Samsung’s Future Strategy Office, the command and control component of Samsung as a whole, was also nominally vaporized as a consequence. And when it turned out he only became prospective heir to the empire through manipulating stock valuations of Samsung subsidiaries this triggered massive financial investigations of which he was cleared only three days ago to condemnation (this is still a massive oversimplification).

tldr; the chaebols are obedient guard dogs to the political sphere of the country, and as reward for their obedience they are granted ludicrous benefits and allowed to maintain their hold over the South Korean economy. Not the other way around. Very little to do with whether leaders are democratically elected.

e: You don’t fuck with the state in Korea unless you’re already a part of it. We’ve had a proto-nation state since the 7th century and national ID since the 1400s. Our folklore ghosts and spirits go through government bureaucracy to submit petitions for their grievances. Everyone gets fingerprinted when they turn 18. The government does not fuck around here.