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Development of competition laws in Korea

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  • Development of competition laws in Korea
  • Lee, Hwang
  • Economic Research Institute for ASEAN and East Asia


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Title Development of competition laws in Korea
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Material Type Reports
Author(English)

Lee, Hwang

Publisher

[South Jakarta]:Economic Research Institute for ASEAN and East Asia

Date 2015-11
Series Title; No ERIA Discussion Paper Series / ERIA-DP-2015-78
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Government and Law < Laws and Legislation
Holding ERIA

Abstract

Economic development policies that were export-focused and biased toward unbalanced growth were initially implemented through government-led initiatives in Korea since the 1960s. These resulted in many problems as well as a big success. Korean competition policies were born and developed to take the role of correcting and complementing economic development policies. Today competition policies have become a major force in Korea’s economic policy. Many parts of industrial policies were replaced by sectoral competition policy in substance. After the 2008 global financial crisis, Korea is faced with new challenges. Recent economic difficulties seem to ask for a bigger role to protect SMEs and fairness in society to address so-called bipolarisation. The economic policy to improve productivity in the name of so-called ‘creative economy’, designed to overcome limits of existing growth strategy, requires proper regulations against abuse of IPRs to supplement strengthened protection of intellectual property rights. (The rest omitted)