By Sung-Hee Jwa
The reader will locate the following analyses of a variety of prior and present coverage stories 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 economic climate. the most guiding principle of this booklet is that Korea's monetary destiny relies totally upon the winning integration of market-orientated platforms and as such, coverage options are duly offered.
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Additional resources for A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy
Their ﬁnancial problems and bankruptcies. The government kept incompetent chaebol subsidiaries alive with public money or merged them with other chaebols’ subsidiaries. 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.
Although informational requirements for efﬁcient economic policy making have become increasingly difﬁcult to maintain, Korean policy makers, including economists who are accustomed to the mind-set of the past regime, still assert that they can and should manage the economy down to the ﬁnest details. These economists believe they can and should regulate the deregulation process. This mentality severely impedes the processes of economic reform and liberalization. To compound this problem, many private economic agents have lost their sense of independence and fear that liberalization may create chaos.
The government has been actively involved in almost every important aspect of economy related decision-making 38 A New Paradigm for Korea’s Economic Development and the private sector has followed the signals given by the government. The government-led order has always taken precedence over the spontaneous market order. In the context of the optimal utilization of economic resources, the economic development process usually entails two interrelated aspects of resource utilization – the mobilization and the allocation of economic resources.