[N Focus] The 1997 Financial Crisis and Corporate Bankruptcies: The Shadows of an Era Reflected in “Typhoon Family”
When South Korea was swept into the unprecedented financial storm of 1997, its economy—once hailed for rapid industrialization—came to an abrupt halt.
The crisis, driven by reckless corporate expansion and excessive borrowing, sent shockwaves through the nation’s industries and exposed the fragility of its financial system.
As major conglomerates defaulted under the weight of unsustainable debt, the crisis transcended financial concerns, revealing the limits of South Korea’s entire economic structure.
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