민주주의와 자본주의 시장경제-한국의 경험-

Abstract

The major purpose of the paper is to explicate why the Korean economy is faltering and losing its vitality recently. The most plausible and likely explan- ation lies in the fact that the former government, Kim Dae Jung Administration, and the current government, Roh Mu Hyun Administration, adopted so many anti-market economic policies.Why and under what condition some countries prosper while others stagnate have been intensively investigated by noted economists. History shows vividly that an economy based on private property and freedom of contract maintains prosperity. The market brings the actions of self-interested individuals into harmony with the general prosperity of a nation. The invisible hand process works so quietly that it is both little understood and seldom appreciated. Private ownership and freedom of exchange are the cornerstones of economic prosperity. The problem with recent economic policies in Korea is that government introduces so many anti-market policies which deny private ownership and/or freedom of exchange. These anti-market policies have something to do with the emergence of the "liberalist" group in the Korean politics since the financial crisis in 1997.Sound economic organization is the key to economic prosperity Countries that adopt policies that encourage the creation of wealth will prosper while those that fail to do so will continue to stagnate. The future prosperity of Korea is directly related to the soundness of its economic organization, not to the ruling party's policies which emphasize egalitarianism or distributive justice.