By Sung-Hee Jwa
The reader will locate right here analyses of quite a lot of prior and present coverage reviews and reform efforts in Korea. The coverage classes drawn are designed to assist Korea's transformation from the government-led improvement version to a contemporary market-orientated economy. the most guiding principle of this ebook is that Korea's fiscal destiny relies fullyyt upon the winning integration of market-orientated platforms and as such, coverage concepts are duly offered.
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Extra resources for A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy
9 In an economic context, Confucianism will emphasize governmentled economic management while Taoism tends to stress the importance of natural and spontaneous market order. Government-led economic management based on Confucian Asian Values may have contributed to the growth of East Asian economies. However, emphasis on the leading role of the government and its ofﬁcials resulted, in general, in more regulations and restrictions on economic activity than in Western countries. In addition, emphasis on the elite group as a leading social force resulted in non-transparent national system of governance relying on government’s arbitrary and discretionary decisions rather than rule of law.
For example, it was the Korean government which made decisions for commercial banks over such issues as how much to lend to what important business and at what interest rates. 7 In addition, active government economic management has created various barriers to entry that have led to the creation of monopolistic and oligopolistic industrial structures. The tendency to rely on direct regulations for economic management has also produced widespread regulations of prices and quantities, which have created a distortion in the economic incentive structure.
So the chaebols satisﬁed the banks with cross-payment guarantees among their subsidiaries, which allowed them to obtain as much as needed for expansion. All of these factors not only made regulating the chaebol ineffective but also created inconsistency of government policies towards the chaebols and possibly even led to the erosion of their competitiveness. Legacies of interventionist industrial policies The government-led interventionist industrial policy strategy generated various structural problems.