Koreas “chaebol” system isn’t just any kind of conglomerattion, though… it was based on the system the Japanese used to dominate Korea during it’s colonization of that country, which the US simply encouraged after the war. The dictatorships that followed basically ran with it… and now you have these gigantic, government-subsidized “chaebols” that is the epitome of “too big too fail.” South Korea is about as oligarchic as it gets.
It’s utterly hilarious to me when “free market” cultists try to use South Korea as an example of how miraculous their fairy tale economic ideology is.
This whole obsession with policing people’s nationality came about because states were trying to clamp down on the massive amounts of working-class agitation that erupted across the world straight after WW1 - but all that history has essentially been scrubbed out from the “official” narratives.