By Sung-Hee Jwa
The reader will locate right here 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 economic climate. the most guiding principle of this publication is that Korea's financial destiny relies completely upon the profitable integration of market-orientated structures and as such, coverage options are duly awarded.
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Additional resources for A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy
They frequently substituted for the operation of the market mechanism, nourishing the private sector’s dependence on government, which lead to discouragement of private sector’s autonomy and creativity. As a result, the effectiveness of market discipline was reduced, leading in the end to a situation where moral hazard prevailed in the economy. Because of this moral hazard, banks lent out too much to corporations who were stretching themselves to overborrow and overinvest – all under the assumption that the govern- 32 A New Paradigm for Korea’s Economic Development ment would rescue these corporations if they showed signs of ﬂagging business.
The debate over the role of the government The government’s role in economic management remains an unresolved issue in the current discussions of economic policy. The debate began in the early twentieth century, particularly in the context of the argument over socialist economic calculation, and was led by Ludwig von Mises, Oscar Lange, Friedrich von Hayek, and the Austrian School. Mises argued that rational economic management in a socialist economy is impossible because of the absence of market and price mechanisms.
Thus, the government took comprehensive measures and applied them uniformly to the remaining ﬁrms in order to alleviate their ﬁnancial difﬁculties. Those measures included transforming short-term debts into long-term debts, lowering interest rates, and tax exemptions. 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.
A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy by Sung-Hee Jwa