[chajath]

Ethics and morality aside (Can you really divorce them from the political economy, though), what worked at a particular context at a particular time doesn't necessary entail that such arrangement will work forever. Different stage in social and economic development calls for a different model.

I recommend Jonathan Tepperman's book "The Fix" [1]. His chapter on Korea is, in my point of view, fair, forgiving and sympathetic towards Chaebol system.

He divides the development in Korea into three periods: Dictatorial development (which I think what you call cooperation b/w private enterprise and government) 1962~1987 and democratization 1987~1997 and liberalization 1997~. I think he presents a case of what would've worked in a cheap labor export economy wouldn't work well in a post-industrial advanced economy, and how the country should move on.

[1] https://www.foreignaffairs.com/press/2016-09-20/fix-how-nati...