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

By Sung-Hee Jwa

The reader will locate the following analyses of quite a lot of previous 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 latest market-orientated economy. the most guideline of this ebook is that Korea's monetary destiny relies solely upon the winning integration of market-orientated platforms and as such, coverage thoughts are duly awarded.

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Until 1988, 70 firms were classified as firms necessitating rationalization. Among them, 67 firms were disposed of 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. Note that most firms were merged with or acquired by third parties based on criteria set by the government, not through market discipline. Financial and tax support The government allocated financial resources and provided tax support to the corporations given the permission to enter the industries it deemed economically strategic.

1 shows the debt/equity ratio trend of the big business groups. From the early 1980s, the anti-monopolist policy began to focus its attention on regulating economic concentration. 1 1996 1997 1998 Year manufacturing companies Debt/equity ratio of the 30 largest business groups Sources: Bank of Korea and Fair Trade Commission of Korea. Monopoly and Fair Trade Act (‘The Fair Trade Act’ hereafter) was enacted in 1980. The regulations on M&As and big business group financing were introduced in 1986.

In traditional Asian philosophy, there exists another school of thought, Taoism, whose influence has been largely unrecognized in the process of industrialization. Taoism is skeptical about confining 42 A New Paradigm for Korea’s Economic Development people within specific moral values and an artificial order. To that effect, even defining the Tao and naming things is regarded as selfdefeating. In Taoism, The Tao that can be told is not the eternal Tao, The name that can be named is not the eternal name, The nameless is the beginning of heaven and earth.

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