By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of quite a lot of prior and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a industry approach. Jwa argues that Korea's monetary destiny relies completely upon the winning integration of market-oriented structures.
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Extra resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 27 the government offered financial and tax inducements to the chosen firms. Thus, the large corporations had every incentive to diversify their operations according to the government’s industrial targeting policy. As a result, they became large business groups. Furthermore, in disposing of insolvent firms, the government reorganized the industrial structure by transferring their ownership to the big business groups, reinforcing the growth of the chaebols.
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. Thus, they often seek government intervention, even in the affairs of the private sector, and ask the government to ‘control the process of economic liberalization’. For example, it was the Korean government which made decisions for commercial banks over such issues as how much to lend to what important business and at what interest rates.
As a result, the big business groups had little chance to restructure themselves according to market discipline. The formation and growth of the chaebols was the result of the interaction between industrial policies and the chaebols’ responses to them. Chaebols had a distinguishable management system. The controlling shareholder, the chairman, controlled the management of all of its affiliates. The chairman of a chaebol has maintained control rights over its subsidiaries through cross shareholding.