A New Paradigm for Korea’s Economic Development: From by Sung-Hee Jwa

By Sung-Hee Jwa

The reader will locate the following analyses of quite a lot of earlier and present coverage reports and reform efforts in Korea. The coverage classes drawn are designed to help Korea's transformation from the government-led improvement version to a contemporary market-orientated economic climate. the most guideline of this booklet is that Korea's fiscal destiny relies fullyyt upon the winning integration of market-orientated structures and as such, coverage thoughts are duly provided.

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Sample text

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.

They frequently substituted for the operation of the market mechanism, nourishing the private sector’s dependence on government, which lead to discouragement of private sector’s autonomy and creativity. As a result, the effectiveness of market discipline was reduced, leading in the end to a situation where moral hazard prevailed in the economy. Because of this moral hazard, banks lent out too much to corporations who were stretching themselves to overborrow and overinvest – all under the assumption that the govern- 32 A New Paradigm for Korea’s Economic Development ment would rescue these corporations if they showed signs of flagging business.

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. He who tries to take hold of the world by force will not succeed. The world is a mysterious thing; it cannot be controlled.

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