A Case Study of Economic Order in Korea: Any Evidence of Ordunungspolitik?
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Recent economic difficulties in the Korean economy call for a reconsideration of its institutional policy framework. Does Korea have any economic order in its economic policies in terms of German ordoliberal principles? In recent cases of political turnover of ruling parties, from conservatives to liberals and vice and versa, it became a fashion to review the German economic system without any fruitful outcome. Can Korea adopt any veiled German secret of economic success? This essay compares the structures of Constitutions of Germany, the U.S. and Korea and their competition laws for their economic orders. The German case was used as a reference case because their constitution and competition law reflect ordoliberalism of Freiburg School of Germany. The competition laws are most representative of all laws in revealing economic orders of relevant countries if there exists such an order. The review of German constitution (Grundgesetz für die Bundesrepublik Deutschland, GBD) and competition law (Gesetz Gegen Wettbewerbsbeschrankungen, GWB) reveal that ordoliberal principles have permeated the structure of the GDB and the GWB and show structural differences compared to the U.S. Constitution and the competition laws. A structural and constitutional investigation shows that there exist a number of similarities between the U.S. antitrust laws and Korea’s Monopoly Regulation and Fair Trade Act (MRFTA). No evidence of Ordnungspoilitik was found yet in Korea’s Constitution and competition law.
Abstract
Recent economic difficulties in the Korean economy call for a reconsideration of its institutional policy framework. Does Korea have any economic order in its economic policies in terms of German ordoliberal principles? In recent cases of political turnover of ruling parties, from conservatives to liberals and vice and versa, it became a fashion to review the German economic system without any fruitful outcome. Can Korea adopt any veiled German secret of economic success? This essay compares the structures of Constitutions of Germany, the U.S. and Korea and their competition laws for their economic orders. The German case was used as a reference case because their constitution and competition law reflect ordoliberalism of Freiburg School of Germany. The competition laws are most representative of all laws in revealing economic orders of relevant countries if there exists such an order. The review of German constitution (Grundgesetz für die Bundesrepublik Deutschland, GBD) and competition law (Gesetz Gegen Wettbewerbsbeschrankungen, GWB) reveal that ordoliberal principles have permeated the structure of the GDB and the GWB and show structural differences compared to the U.S. Constitution and the competition laws. A structural and constitutional investigation shows that there exist a number of similarities between the U.S. antitrust laws and Korea’s Monopoly Regulation and Fair Trade Act (MRFTA). No evidence of Ordnungspoilitik was found yet in Korea’s Constitution and competition law.
참고문헌 (9)
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