By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of quite a lot of earlier and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a marketplace method. Jwa argues that Korea's financial destiny relies totally upon the winning integration of market-oriented platforms.
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Additional resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
The government rescinded many existing regulations, although it sometimes reversed this policy. The government’s interventionist habits and the private sector’s persistent expectations of government initiation/intervention in the market have continually impeded the development of market economy in Korea. Selective nurturing of industries by the Korean government For the sake of rapid economic growth, the government set up economic development plans and selected strategic industries. Furthermore, in the course of promoting these industries, the government restricted entry through regulations, contributing to the growth of a few large corporations.
The revision states that: (i) the government sets the industry rationalization criteria; and (ii) firms going through rationalization according to these criteria will benefit from tax reductions or exemptions. Until 1988, 70 firms were classified as firms necessitating rationalization. Among them, 67 firms were disposed of Korea's Economic Development, Sung-Hee Jwa 22 A New Paradigm for Korea’s Economic Development through government-led M&As, two firms went through a reorganization process and one firm was liquidated.
In the course of these developments, Korea evolved a very peculiar macroeconomic management pattern. While the economy was subject to inflationary pressure stemming from the base money and credit expansion and the low official interest rates geared towards maximum mobilization of investment funds, conventional monetary policy instruments such as control of the money supply and interest rate policy became inoperative. Direct controls on individual prices, important for the CPI basket and even to economic activities within the private realm, became widely utilized as the instruments for maintaining macroeconomic stability.