The Research On The Relationship Of Market Rule Establishment And South Korean Economic Development

The scholars at home and abroad have done a lot of researches on South Korean economic miracle and its financial crisis. One phenomenon that is worthy of attention is that the opinions before and after South Korean financial crisis which were put up with by many scholars and organizations were inconsistent. This paper tries to make use of the analysis framework of market rules to examine the fundamental cause of South Korean economic miracle and its financial crisis from a new perspective historically and objectively.This paper puts forward an analysis framework of market rules at first, including the theory of market rule formation and the theory of market rule realization. The theory of market rule formation is to study how to establish the rational external criterion of market behaviors. The theory of market rule realization is to study how to foster the internal criterion of market behaviors. The second chapter introduces the causality between the establishment of South Korean market rules and South Korean "economic miracle". This chapter reviews the process of "strongly promoted" formation of South Korean market rules in 1960s and 1970s and discusses the realization of South Korean market rules under the comprehensive effects of various factors, pointing out that the basic reason why South Korean economic miracle has taken place is that South Korea has made remarkable achievements in the establishment of market rules. In particular, the government has played a key role in promoting the formation and realization of market rules. It is the formation of market rules and the implement mode, which was on the basis of government mandatory implementation combining the inductive implementation as a supplement, that stimulated the microeconomic efficiency, initiative and innovation to the greatest extent. Chapter 3 demonstrates the causality between the defects in South Korean market rule establishment and South Korean financial crisis. Market rules relative to socio-economic changes have time-delay. When the initial market rules can not meet socio-economic changes, the market rules which originally have promoted socio-economic progress may in turn become a stumbling block to the socio-economic progress. The defects in South Korean market rule establishment have existed from the very beginning. The economy of South Korea has not encountered serious problems through the 1960s and 1970s, but in the 1990s it met with serious problems. The reason lies in the needed degree of rationality at the two stages was not same. This...