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The role of competition law and policy in economic development : Korean experience

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Frame of Image orea's competition law and policy
1. Three phases of development
<Phase Ⅰ : 1981-86> Korea's general competition law, the Monopoly Regulation and Fair Trade Act (MRFTA), was enacted on the last day of 1980. Objective : to encourage fair and free competition by preventing the abuse of market dominating position and excessive concentration of economic power and by regulating undue collaborative acts and unfair business practices, thereby stimulating creative business activities, protecting consumers and promoting the balanced development of the national economy. The legislation came from a strong need for a transition to a more market-based economy and a growing concern about chaebols' dominance of the economy (See Table 1). In April 1981, Korea Fair Trade Commission (KFTC) was established within the Economic Planning Board, the dominant ministry in charge of overall economic policy at the time. Despite its multiple goals, the Act was limited and weak in substance. Enforcement also was weak. <Phase Ⅱ : 1987-97> The Act was substantially revised in 1986 to provide a legal basis for direct control on chaebols. Rules and sanctions were further strengthened in the subsequent four amendments. -1-
The status and independence of the KFTC was significantly enhanced. Within EPB, KFTC had its own organization in April 1990. KFTC became a central, independent agency under the Prime Minister in December 1994. The status of its chairman was elevated to the ministerial level in March 199


Full Text
Title The role of competition law and policy in economic development
Similar Titles
Sub Title

Korean experience

Material Type Proceedings
Author(English)

Shin, Kwangshik

Publisher

[Seoul] : Korea Development Institute

Date 2002
Event

Workshop on International Trade and the WTO General Agreements for Vietnam

Pages 18
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KDI; KDI School
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