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Contents
INTRODUCTION 5
Part I. Historical Perspective of Korean Economy and Law 5
1. Economic Development and Growth in Korea 5
2. Economy as Provided in the Korean Constitution 10
Part II. Legal System in the Early Years of the Republic of Korea(-1960) 17
1. Economic Situations and Policy Needs for Legal Changes 17
2. The Areas of Law with Major Changes 19
1) Laws governing the government including administrative law 19
2) Laws governing property rights including IP laws 20
3) Laws governing production factors including labor law 22
4) Laws governing market access including foreign investment 26
5) Laws governing to industrial policy 27
6) Laws governing financial sector including securities market 27
7) Laws on dispute settlement including courts, arbitration and mediation 29
3. Economic Assessment of the Legal System 32
Part III. Legal System of Economy for Export Drive(1961-1971) 33
1. Economic Situations and Policy Needs for Legal Changes 33
2. The Areas of Law with Major Changes 36
1) Laws governing the government including administrative law 36
2) Laws governing property rights including IP law 36
3) Laws governing business governance including corporate law 40
4) Laws governing production factors including labor law 41
5) Laws governing market access including foreign investment 44
6) Laws governing industrial policy 50
7) Laws governing financial sector including securities market 56
8) Laws on dispute settlement including courts, arbitration and mediation 64
3. The Nature of Legal Changes 67
1) Rule-based or Discretionary, Market-led or State-led 67
2) Was the resolution of economic and business disputes efficient? 68
4. Economic Assessment of the Legal System 69
Part IV. Legal System of Economy for Heavy and Chemical Industry Drive(1972-1979) 71
1. Economic Situations and Policy Needs for Legal Changes 71
2. The Areas of Law with Major Changes 74
1) Laws governing the government including administrative law 74
2) Laws governing property rights including IP law 75
3) Laws governing production factors including labor law 77
4) Laws governing market access including foreign investment 81
5) Laws governing industrial policy 84
6) Laws governing financial sector including securities market 90
7) Laws on dispute settlement including courts, arbitration and mediation 95
3. The Nature of Legal Changes 96
1) Rule-based or Discretionary, Market-led or State-led 96
2) Was the resolution of economic and business disputes efficient? 97
4. Economic Assessment of the Legal System 98
Part V. Legal System of Economy for Consolidation(1980-1986) 100
1. Economic Situations and Policy Needs for Legal Changes 100
2. The Areas of Law with Major Changes 102
1) Laws governing the government including administrative law 102
2) Laws governing property rights including IP law 103
3) Laws governing business governance including corporate law 108
4) Laws governing production factors including labor law 109
5) Laws governing market access including foreign investment 115
6) Laws governing industrial policy 118
7) Laws governing financial sector including securities market 124
8) Laws governing private economic activity including competition law 126
9) Laws on dispute settlement including courts, arbitration and mediation 132
3. The Nature of Legal Changes 133
1) Rule-based or Discretionary, Market-led or State-led 133
2) Was the resolution of economic and business disputes efficient? 134
4. Economic Assessment of the Legal System 135
Part VI. Legal System of Economy for Globalization(1987-1996) 138
1. Economic Situations and Policy Needs for Legal Changes 138
2. The Areas of Law with Major Changes 140
1) Laws governing the government including administrative law 140
2) Laws governing property rights including IP law 141
3) Laws governing business governance including corporate law 145
4) Laws governing production factors including labor law 146
5) Laws governing market access including foreign investment 155
6) Laws governing industrial policy 157
7) Laws governing financial sector including securities market 167
8) Laws governing private economic activity including competition law 170
9) Laws on dispute settlement including courts, arbitration and mediation 174
3. The Nature of Legal Changes 178
1) Rule-based or Discretionary, Market-led or State-led 178
2) Was the resolution of economic and business disputes efficient? 179
4. Economic Assessment of the Legal System 181
Part VII. Legal System of Economy for the IMF Crisis(1997-onwards) 183
1. Economic Situations and Policy Needs for Legal Changes 183
2. The Areas of Law with Major Changes 185
1) Laws governing property rights including IP law 185
2) Laws governing business governance including corporate law 188
3) Laws governing production factors including labor law 197
4) Laws governing market access including foreign investment 209
5) Laws governing industrial policy 210
6) Laws governing financial sector including securities market 215
7) Laws governing private economic activity including competition law 220
8) Laws on dispute settlement including courts, arbitration and mediation 224
3. The Nature of Legal Changes 228
1) Rule-based or Discretionary, Market-led or State-led 228
2) Was the resolution of economic and business disputes efficient? 229
4. Economic Assessment of the Legal System 234
Part VIII. Legal System of Economy Towards North Korea 236
1. Legal System of Economy for Globalization(1987-1996) 236
1) Basic Agreements on Inter-Korean Relations 236
2) Domestic Legislations on Inter-Korean Relations 237
2. Legal System of Economy for the IMF Crisis(1997-onwards) 238
1) Overview 238
2) Inter-Korean Agreements 240
3) Domestic Regulations 245
3. Economic Assessment of the Legal System 246
CONCLUSION: Law and Economy in Korea 247
1. Role of Law in Korean Economic Development 247
2. Lessons from the Korean Experiences 251
APPENDIX: CHRONOLOGY OF ECONOMIC LAWS IN KOREA 255
판권기 262
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