By 1996, Korea had emerged as the world's eleventh largest economy and as a major global player in many industries ranging from shipbuilding and steel to semiconductors and automobiles, becoming the second Asian country after Japan to join the Organization for Economic Cooperation and Development. At the heart of Korea's rapid and successful industrial transformation have been the family-controlled, diversified business groups known as chaebol, which have at times been praised and at other times criticized. The rise, fall, and re-emergence of the chaebol pose an intriguing question for scholars and public policy-makers alike. This article starts with a brief historical overview of the genesis and subsequent evolution of the chaebol. It then discusses their diversification, globalization, and corporate governance, and finally concludes with their theoretical, practical, and public policy implications.