This article historically reviews regulation policies of Korean governments. It includes government regulations of Syngman Rhee, Park Jung-hee, Chun Do-hwan, Roh Tae-woo, Kim Young-sam and Kim Dae-jung.
Stages of economic development as well as politi...
This article historically reviews regulation policies of Korean governments. It includes government regulations of Syngman Rhee, Park Jung-hee, Chun Do-hwan, Roh Tae-woo, Kim Young-sam and Kim Dae-jung.
Stages of economic development as well as political development had dictated the contents of government regulations. Before and after the ‘take-off’ stage of economic development, the regulation policies encouraged the build-up of regulation rents. The regulation rents compensated the ‘red-figures’ in export markets for export-oriented companies. But the rents also brought about negative impacts to political circles resulting in the close-tie between Chaebul and political figures.
Democratization of political system starting from Kim Young-sam government changed the paradigm of regulatory policies. The new concept of governance had been introduced and so called ‘people-oriented’ regulatory policy started. The Basic Law on Government Regulation passed the National Assembly during the Kim Young-sam government.
Kim Dae-jung government used the Basic Law for its escaping from the so-called IMF foreign exchange crisis in 1998.
Lastly, this article evaluated the performance of Kim Dae-jung government’s regulatory policy.