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There is much to admire about Samsung (see article). It is patient: its managers care more about long-term growth than short-term profits. It is good at motivating its employees. The group thinks strategically: it spots markets that are about to take off and places huge bets on them.
The bets that Samsung Electronics placed on DRAM chips, liquid-crystal display screens and mobile telephones paid off handsomely. In the next decade the group plans to gamble again, investing a whopping $20 billion in five fields in which it is a relative newcomer: solar panels, energy-saving LED lighting, medical devices, biotech drugs and batteries for electric cars. Although these industries seem quite different from each other, Samsung is betting that they have two crucial things in common. They are about to grow rapidly, thanks to new environmental rules (solar power, LED lights and electric cars) or exploding demand in emerging markets (medical devices and drugs). And they would benefit from a splurge of capital that would allow large-scale manufacturing and thus lower costs. By 2020 the Samsung group boldly predicts that it will have sales of $50 billion in these hot new areas, and that Samsung Electronics will have total global sales of $400 billion.
It is easy to see why China might like the chaebol model. South Korea’s industrial titans first prospered in part thanks to their close ties with an authoritarian government (though Samsung was not loved by all the generals). Banks were pressured to pump cheap credit into the chaebol, which were encouraged to enter dozens of new businesses—typically macho ones such as shipbuilding and heavy industry. Ordinary Koreans were chivvied to save, not consume. South Korea grew into an exporting powerhouse. Does this sound familiar?


A. 어휘
patient 참을성이 있는. motivate 동기를 부여하다.
strategically 전략적으로. spots 발견하다, 알아채다. take off 이륙하다.
liquid-crystal 液晶(액정). paid off 성과를 거두다.
whopping 엄청난. medical devices 醫療器具(의료기구).
crucial 결정적인, 중요한. splurge 펑펑 돈쓰기, 과시. titans 거인.
prosper 번창하다. authoritarian 권위주의적인. macho 남성적인.
chivvied 몰아 부치다, 酷使(혹사)하다.