@article{ART003130939},
author={Donghun Joo},
title={Free Market Economy in Korea: from Monetary and Financial Market Point of View},
journal={Analyses & Alternatives},
issn={2508-822X},
year={2024},
volume={8},
number={3},
pages={151-170},
doi={10.22931/aanda.2024.8.3.006}
TY - JOUR
AU - Donghun Joo
TI - Free Market Economy in Korea: from Monetary and Financial Market Point of View
JO - Analyses & Alternatives
PY - 2024
VL - 8
IS - 3
PB - Korea Consensus Institute
SP - 151
EP - 170
SN - 2508-822X
AB - This article examines various interdisciplinary perspectives on Korea's free market economy, which has often been taken for granted by economists, and explores ways to identify a desirable market economy within Korean society. It does so by analyzing the transformation of the Bank of Korea’s monetary policy from supporting industrial policies to adopting a market-oriented approach. The market economy can take on various forms depending on the degree of government intervention in politics and law. However, in economics, the market economy is often regarded as inherently correct, with many economists believing that greater market freedom will lead to economically or socially desirable outcomes. This faith in the market is deeply ingrained in the training of economists. Nevertheless, it is clear that simply relying on market mechanisms, without government regulation or intervention, has limitations, particularly when responding to unpredictable economic shocks. Historical changes in monetary policy reveal these limitations. The question of which market economy to pursue is ultimately a question of what role the government should play, like two sides of the same coin. To address the imbalances caused by the spread of market economy logic in the historical process of market institution establishment in the Korean economy such as concentration in the metropolitan area and low birth rates, along with other challenges facing Korean society, a flexible approach to market institutions rather than an absolute faith in the market would be more effective.
KW - Market economy;Monetary policy;Interdisciplinary;Financial market;Political system
DO - 10.22931/aanda.2024.8.3.006
ER -
Donghun Joo. (2024). Free Market Economy in Korea: from Monetary and Financial Market Point of View. Analyses & Alternatives, 8(3), 151-170.
Donghun Joo. 2024, "Free Market Economy in Korea: from Monetary and Financial Market Point of View", Analyses & Alternatives, vol.8, no.3 pp.151-170. Available from: doi:10.22931/aanda.2024.8.3.006
Donghun Joo "Free Market Economy in Korea: from Monetary and Financial Market Point of View" Analyses & Alternatives 8.3 pp.151-170 (2024) : 151.
Donghun Joo. Free Market Economy in Korea: from Monetary and Financial Market Point of View. 2024; 8(3), 151-170. Available from: doi:10.22931/aanda.2024.8.3.006
Donghun Joo. "Free Market Economy in Korea: from Monetary and Financial Market Point of View" Analyses & Alternatives 8, no.3 (2024) : 151-170.doi: 10.22931/aanda.2024.8.3.006
Donghun Joo. Free Market Economy in Korea: from Monetary and Financial Market Point of View. Analyses & Alternatives, 8(3), 151-170. doi: 10.22931/aanda.2024.8.3.006
Donghun Joo. Free Market Economy in Korea: from Monetary and Financial Market Point of View. Analyses & Alternatives. 2024; 8(3) 151-170. doi: 10.22931/aanda.2024.8.3.006
Donghun Joo. Free Market Economy in Korea: from Monetary and Financial Market Point of View. 2024; 8(3), 151-170. Available from: doi:10.22931/aanda.2024.8.3.006
Donghun Joo. "Free Market Economy in Korea: from Monetary and Financial Market Point of View" Analyses & Alternatives 8, no.3 (2024) : 151-170.doi: 10.22931/aanda.2024.8.3.006
