By Sung-Hee Jwa
The reader will locate right here analyses of a variety of earlier and present coverage studies 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 economic climate. the most guiding principle of this e-book is that Korea's fiscal destiny relies completely upon the profitable integration of market-orientated structures and as such, coverage thoughts are duly offered.
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Extra resources for A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy
As we explained earlier, in the early stages of economic development, the government allowed a few corporations to enter the targeted industries. Since those industries were HCIs subject to economies of scale, the size of the corporations involved could not but grow larger. Afterwards, the government continued to make use of their experience and managerial skills in the course of economic development. The government gave those large corporations preferential entry into the targeted industries. 8 Source: Lee (1998).
Perhaps the most notable case was the ‘stagﬂation’ experienced by the US economy during the 1970s’ when rising inﬂation was accompanied by a steadily worsening unemployment rate. This development completely refuted the trade-off between the two undesirable phenomena which had formerly been taken for 36 A New Paradigm for Korea’s Economic Development granted and thus nulliﬁed the Keynesian ﬁne-tuning policy prescription which had been based on balancing the evils of inﬂation and unemployment. M.
The court reorganization processes were usually ignored. Furthermore, the M&A market was inactive and bankruptcy laws including reorganization processes were inadequate. Third, the ﬁnancial industry was too immature to exercise its role to check on the chaebols’ over-expansion. Korean banks did not perform their duty of loan screening thoroughly because they were used only as tools to support the government’s industrial policy in the so-called ‘government-managed ﬁnancial system,’ a product of excessive government intervention in the banking sector.