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Economics of regulation and the rule of law in Korea

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  • Economics of regulation and the rule of law in Korea
  • Ahn, Y. D.
  • Social Science Research Network


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Title Economics of regulation and the rule of law in Korea
Similar Titles
Material Type Reports
Author(English)

Ahn, Y. D.

Publisher

[Rochester]:Social Science Research Network

Date 2015-05
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Governance
Government and Law < Laws and Legislation
Holding Social Science Research Network

Abstract

The market economy has three pillars: voluntary exchange, purposive rules of the game, and the rule of law. According to classical works by Smith, Rousseau, Hayek and Friedman followed by empirical research by various contemporary economists, the common law system is more conducive to the rule of law than civil law. The rule of law is notoriously weak in Korea partly because Korea follows the civil law tradition. The purpose of this paper is to suggest practical measures to enhance the rule of law in Korea as a precondition for speedier economic growth in the future. I rely on logical arguments and previous academic works in showing why the common law system is preferable. The main point is that the common law system is more friendly to rule abiders and subsequently less costly to the people and the government. (The rest omitted)