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A radical approach to regulatory reform in Korea

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Frame of Image s hit in 1997. The economic crisis, in the short term, was triggered by the onset of foreign exchange crisis in Southeast Asia in 1997. However, in the long term, it resulted from structural weaknesses accumulated in a state-led development of last three decades. The new government faced a critical time to take urgent actions for economic recovery. The guiding principle of reform policies was to achieve the parallel development of democracy and a market economy. 1 Pursuing the balanced development of democracy and a market economy requires a full-scale change in the policy paradigm. It means a paradigm shift from a state-led development strategy to a market driven development. The government initiated drastic regulatory reform programs in parallel with structural reforms in four sectors: finance, corporate, public and labor. They were all aimed to promote the efficiency and discipline using market principle and market force. These reform measures in a broad sense included changes in regulatory systems and methods, and policy tools. Farreaching efforts at reform of regulation were conducted. A strong political leadership combined with a sound institutional framework for regulatory reform made it possible to carry out drastic and comprehensive reform of regulation. Until 1997 regulatory reform programs in Korea were not a main reform focus. Deregulation issues were handled as part of administrative reform programs on administrative procedures and formalities embedded in the per


Full Text
Title A radical approach to regulatory reform in Korea
Similar Titles
Material Type Reports
Author(English)

Choi, Daeyong

Publisher

[Seoul]:Office of the Prime Minister

Date 2001-03
Pages 17
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Government and Law < Public Administration
Holding KDI School; Office fo the Prime Minister

User Note

The Annual 2001 Conference of the American Society for Public Administration at Rutgers University, New Jersey, USA.