This book is a collection of my articles I have written on Korean competition law and policy through my thirty-year career serving in the Korean government. The central focus of these articles lies on a discussion and analysis of the basic lessons of Korea’s twenty-five-year experience of competition law and policy. Moreover, these writings are concerned with the history behind Korea’s economic transition from a government-managed economy to a market-driven economy.

Korean competition law and policy were adopted largely in reaction to a multitude of inefficiencies and a monopolistic industry structure which had accumulated during the pursuit of a government-managed economic development policy. Up until the early 1960s, Korea faced devastating poverty and a stagnant economy. The Korean government therefore implemented an aggressive growth strategy throughout the 1960s and 1970s, which relied heavily on industrial policy while greatly neglecting competition policies, eventually leading to phenomenal economic growth, but at substantial political and social costs. In 1981, the Korean government addressed this problem with attempts to strengthen market competition through the establishment of competition law.

The country’s competition law has been deeply influenced by its distinct history, during which the systematic formation of Korean business conglomerates, the chaebol, made competition laws both a crucial and incredibly challenging aspect of Korean law. Current Korean competition policies have sought to curb the activities of such conglomerates and overhaul corporate governance. Additionally, Korea has dealt with a myriad of political and socioeconomic challenges, including the 1997-98 financial crisis that swept over Asia, ultimately compelling policymakers to realize the need for restructuring. In particular, Korea realized the need to restructure its economy into one based upon market competition. In addition to reforming expensive and inefficient government structures, Korea has gone on to take measures to eradicate government intervention, entry barriers to markets, and other anti-competitive elements from its markets.

The Korean experience of competition law attracts wide interest from countries with developing economies and those with transition economies. Korea’s experience can provide valuable lessons and insight for developing economies in determining the appropriate government policies that will lead to economic growth and prosperity. Likewise, understanding the Korean experience can aid transition economies in solving the monopolistic problems that may arise from a wholesale conversion of a socialistic command economy to a market economy.

I hope this book will allow my thoughts to contribute to the global dialogue among competition policy experts and officials, particularly my colleagues in developing and transitioning economies.

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