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The political economy of restructuring the electricity sector in South Korea

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  • The political economy of restructuring the electricity sector in South Korea
  • TSAI,CHUNG-MIN
  • World Scientific Publishing


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Title The political economy of restructuring the electricity sector in South Korea
Similar Titles
Material Type Articles
Author(English)

TSAI,CHUNG-MIN

Publisher

[Singapore] : World Scientific Publishing

Date 2016-09
Journal Title; Vol./Issue Issues and Studies:vol.52(no.1)
Pages 26
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Industry and Technology < General
Industry and Technology < Energy
Holding National Chengchi University
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Abstract

South Korea launched electricity reform in the 1990s but had continued to struggle with instituting an effective free market. In order to bolster economic growth, the development of the electricity industry has long been a fundamental issue for the state. The case in Korea is distinctive because it is part of a large-scale privatization project as the political regime had just shifted to democracy. The state spun off and corporatized the state-owned power enterprise with very limited privatization. The Korean government has chosen to control the power companies as the largest shareholder. Nonetheless, the reform process was suspended in 2004 without encountering major problems. This has created a major puzzle for analysts: why did the reform result in this outcome? I argue that as a politically driven reform project, power reform in Korea was destined to fail. The economic and social responses elicited by reform implementation all contributed to the failure of the power reform.