By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of quite a lot of previous 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 procedure. Jwa argues that Korea's fiscal destiny relies fullyyt upon the profitable 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)
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. The chaebols, as leading companies in major industries such as petrochemicals, automobiles, and semiconductors, which are export-oriented industries exposed to harsh international competition, initiated large-scale projects.
For the purposes of our analysis, we suggest that a governmentled economic management regime is an economic policy regime in which the government determines major endogenous economic variables within the realm of private economic agents by imposing its will on the market as an outsider. Under such a regime, the government predetermines the outcome that would otherwise be determined endogenously through market competition processes. A government-led economic management such as that defined above exhibits the following characteristics.
Over the last three decades, these factors saw the Korean conglomerates evolve into overly dominant economic organizations. The discussion in Chapter 5 concerns economic and industrial organization issues that are related to the so-called excessive diversification behavior of the chaebols. Our discussion shows that this behavior is Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 15 partly attributable to the extent of the economies of scope that can be reaped from engaging in various lines of businesses.