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

By Sung-Hee Jwa

The reader will locate right here analyses of a variety of prior and present coverage stories and reform efforts in Korea. The coverage classes drawn are designed to help Korea's transformation from the government-led improvement version to a contemporary market-orientated financial system. the most guideline of this publication is that Korea's fiscal destiny relies completely upon the profitable integration of market-orientated platforms and as such, coverage suggestions are duly offered.

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5 shows the effective marginal tax rate for selected industries. The favorable tax treatment lowers the tax rate to around threequarters of what it would otherwise have been. 8 The growth of the chaebols The strategy of government-led economic development set the ground for the growth of business conglomerates, called chaebols. As we explained earlier, in the early stages of economic development, the government allowed a few corporations to enter the targeted industries. Since those industries were HCIs subject to economies of scale, the size of the corporations involved could not but grow larger.

5 Again, macroeconomic stability is emphasized as the most important precondition for extensive economic development. In sum, the debate on the role of the government in economic development centered around the issue of market failure versus government failure. Of course, market failure generally reflects the failure of institutions, another form of governmental failure – this time the failure lies in the government’s inability to set up the right institutions or, in other words, the rules of the game in the economy.

It also contributed to spreading anti-chaebol sentiment. By and large, interventionist industrial policies greatly contributed to the development of the crisis. 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.

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