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 contemporary market-orientated economy. the most guiding principle of this publication is that Korea's monetary destiny relies totally upon the winning integration of market-orientated structures and as such, coverage techniques are duly awarded.
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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 assist Korea's transformation from the government-led improvement version to a latest market-orientated financial system. the most guiding principle of this booklet is that Korea's financial destiny relies totally upon the profitable integration of market-orientated structures and as such, coverage concepts are duly awarded.
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Additional info for A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy
From the late 1970s, the main problems of the Korean economy were overinvestment and persistent inﬂation caused by the expansionary monetary policy. From 1979, the government switched the focus of economic policy to the stabilization of the economy and the scalingdown of investment in HCIs. In 1979, the government set the M2 growth rate at 25 per cent, 10 per cent lower than the 1978 rate. It also diverted ﬁnancial support toward the expansion of consumer goods industries, which led to a reduction of investments in HCIs.
In the 1990s, the government’s economic policy emphasized deregulation. The government rescinded many existing regulations, although it sometimes reversed this policy.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.
The chairman of a chaebol has maintained control rights over its subsidiaries through cross shareholding. Consequently, the boards of directors and auditors of all subsidiaries do not perform their usual function of monitoring the management. In fact, board members may be expelled from the board if they oppose the chairman. The growth of the chaebols became a burden to the economic policy. Since the chaebols are accountable for a large share of the Korean economy’s assets, sales and debts, most industrial policy measures had to consider their interests.