Chung Ju-yung

Chung Ju-yung (Hangul: 정주영; hanja: 鄭周永; November 25, 1915 – March 21, 2001) was a South Korean entrepreneur, businessman and the founder of all Hyundai Groups of South Korea.

Life

Early life

Chung Ju-yung was born in Kangwŏn province (now located in North Korea), during a time when Korea was under Japanese rule. Born to a large impoverished family of peasants, he was the eldest out of six children. As a young boy, Chung dreamed of becoming a school teacher but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from the opportunities of higher education. Despite the setbacks, Chung continued to go to a local Confucian school run by his grandfather whenever his time was not taken up by tasks on the family farm.

Chung’s talent for business became apparent during his trips into town where he would sell wood. The fast paced atmosphere of the town along with the articles in newspapers he read sparked his imagination and he soon grew tired of the poverty that he and his family had to endure. At the age of sixteen, Chung and a friend decided to travel to the city of Chongjin for work in hopes of escaping the harsh realities of farm life. After a 15-mile trek through the most dangerous parts of the Paechun valley, the pair reached the town of Kowon where they took up jobs as construction workers. They worked long hours for low pay but Chung enjoyed the fact that he could independently earn money. Chung & his friend continued the work for two months until Chung's father found their whereabouts.

North Korea

Coordinates: 40°00′N 127°00′E / 40.000°N 127.000°E / 40.000; 127.000

North Korea ( listen), officially the Democratic People's Republic of Korea (DPRK; Chosŏn'gŭl: 조선민주주의인민공화국; hancha: 朝鮮民主主義人民共和國; MR: Chosŏn Minjujuŭi Inmin Konghwaguk), is a country in East Asia, in the northern part of the Korean Peninsula. The name Korea is derived from the Kingdom of Goguryeo, also spelled as Koryŏ. The capital and largest city is Pyongyang. North Korea shares a land border with China to the north and northwest, along the Amnok (Yalu) and Tumen rivers, and a small section of the Tumen River also forms a border with Russia to the northeast. The Korean Demilitarized Zone marks the boundary between North Korea and South Korea.

Korea was annexed by the Empire of Japan in 1910. After the Japanese surrender at the end of World War II in 1945, Korea was divided into two zones by the United States and the Soviet Union, with the north occupied by the Soviets and the south by the Americans. Negotiations on reunification failed, and in 1948 two separate governments were formed: the Democratic People's Republic of Korea in the north, and the Republic of Korea in the south. An invasion initiated by North Korea led to the Korean War (1950–53). Although the Korean Armistice Agreement brought about a ceasefire, no official peace treaty was ever signed. Both states were accepted into the United Nations in 1991.

South Korea

Coordinates: 36°N 128°E / 36°N 128°E / 36; 128

South Korea ( listen), officially the Republic of Korea (Hangul: 대한민국; hanja: 大韓民國; RR: Daehanminguk,  listen) and commonly referred to as Korea, is a sovereign state in East Asia, constituting the southern part of the Korean Peninsula. The name Korea is derived from the ancient Kingdom of Goguryeo, also known as Koryŏ. Highly urbanized at 92%, Koreans lead a distinctive urban lifestyle with half of them living in the Seoul Capital Area, the world's second largest city with over 25 million residents and a leading global city with the fourth largest economy, rated in 2016 as the world's most livable megacity and safest city to live in. Highly mountainous, Korea is a popular winter sport destination in Asia, hosting the 2018 Winter Olympics.

The earliest Korean pottery dates to 8000 BC, with three kingdoms flourishing at 1st century BC. One of them, Goguryeo, ruled Northeast China, parts of Russia and Mongolia under Gwanggaeto the Great. Since their unification into Silla and Balhae in the 7th century, Korea enjoyed over a millennium of relative tranquility under long lasting dynasties with innovations like Hangul, the unique alphabet created by Sejong the Great in 1446, enabling anyone to easily learn to read and write. Its rich and vibrant culture left 17 UNESCO Intangible Cultural Heritages of Humanity, the third largest in the world, along with 12 World Heritage Sites. Korea was annexed by Imperial Japan in 1910 due to its strategic and central location, after whose surrender in 1945, it was divided into North and South Korea. A North Korean invasion lead to the Korean War (1950–53). Peace has since mostly continued with the two agreeing to work peacefully for reunification and the South solidifying peace as a regional power with the world's 10th largest defence budget and strong global alliances. In 2016, Korea was rated as the world's safest country to live in, with the lowest crime rate.

Korea

Korea, called Chosŏn (Korean: 조선; Hanja: 朝鮮) in North Korea and Hanguk (Korean: 한국; Hanja: 韓國) or Daehanminkuk (Korean: 대한민국; Hanja: 大韓民國) in South Korea, is an East Asian territory that is divided into two distinct sovereign states: North Korea, formally the Democratic People's Republic of Korea (DPRK), and South Korea, formally the Republic of Korea (ROK). Located on the Korean Peninsula, Korea is bordered by China to the northwest and Russia to the northeast. It is separated from Japan to the east by the Korea Strait and the Sea of Japan .

Korea emerged as a singular political entity after centuries of conflict among the Three Kingdoms of Korea, which were unified as Silla (57 BC – AD 935) and Balhae (AD 698 – 926). The united Silla was eventually succeeded by Goryeo in 935 at the end of the Later Three Kingdoms period. Goryeo, which gave name to the modern exonym "Korea", was a highly cultured state and created the Jikji in the 14th century. The invasions by the Mongol Empire in the 13th century, however, greatly weakened the nation, which forced it into vassalage. After the Yuan dynasty's collapse, severe political strife followed. Goryeo eventually fell to an uprising led by General Yi Seong-gye, who established Joseon in 1388.

Hyundai

Hyundai Group (Hangul: 현대그룹; hanja: 現代그룹; /ˈhjʌndɛ/) was a multinational chaebol (conglomerate) headquartered in Seoul, South Korea. It was founded by Chung Ju-yung in 1947 as a construction firm and Chung was directly in control of the company until his death in 2001.

Following the 1997 East Asian financial crisis and Chung's death, Hyundai underwent a major restructuring and break-up, which reduced the Hyundai Group's business to encompass only container shipping services, the manufacturing of elevators, and tourism. Today, most companies bearing the name Hyundai are not legally connected to Hyundai Group. They include Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company. However, most of the former subsidiaries of the Hyundai conglomerate continue to be run by relatives of Chung. If these companies were considered as forming a single broad family business, then it would remain the largest company in South Korea with enormous economic and political power in the country.