When I first came to the Republic of Korea, I was working for ECC, one of the chains of English-language schools throughout Korea owned or franchised by YBM Education. YBM has become one of the leaders of English education in Korea. Founded by Min Young-bin, the company’s name comes from the owner’s initials.
While YBM is definitely a leader in education in Korea, the founder has had a number of other business interests as well. At one point, he tried to open his own for-profit university, perhaps like the University of Phoenix or other for-profit universities in America. That venture did not succeed, thanks to government regulations and opposition in government to his plans.
The chairman seems to take a relatively free-market approach to things. “When the private sector is left alone, it will find what people want and need. But our society isn’t ready yet for a private business to take responsibility from the beginning to the end. I wonder if under such a mindset, the free
competition of the market economy could be sustained.”