@article{ART003117619},
author={Joung Soon Hyoung},
title={A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy},
journal={Legal Theory & Practice Review},
issn={2288-1840},
year={2024},
volume={12},
number={3},
pages={41-85}
TY - JOUR
AU - Joung Soon Hyoung
TI - A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy
JO - Legal Theory & Practice Review
PY - 2024
VL - 12
IS - 3
PB - The Korea Society for Legal Theory and Practice Inc.
SP - 41
EP - 85
SN - 2288-1840
AB - Against the backdrop of the recent rapid development of digital technology, there is a movement to collect large amounts of data from the real world, process it over a network, and feed it back to the real world as intelligence. In particular, the use of big data and artificial intelligence is accelerating, which is significantly changing the behavior patterns of companies and individuals, creating innovation in business models around the world. Undercurrent of the progress of digital transformation is a change in the source of added value from goods to services. Goods are sold in combination with services rather than individually, and a system combining goods and services (PSS) is under development.
As a way to develop a society after digital transformation, our government is advocating an ultra-smart society that provides necessary goods and services to those who need them, when they are needed, and in the amount needed. In the future, various services will cooperate and be provided as software over the network. appears to be increasing. In a world where digital transformation is progressing and services are becoming software, innovation in the spiral model is necessary. There, innovation does not develop linearly from a technological starting point, but it is required to create social value by building dialogue with society to solve social issues.
The digital economy brings about the expansion of industrial hierarchy and platform strategies. As a result, there is a possibility that inconvenient situations may arise, such as excessive regulation in the vertical regulatory framework for each industry so far, which hinders innovation, or lack of legal stability due to gaps in the existing framework. When considering the basic direction of regulatory policy, government intervention can be justified if the three requirements of the assumption of perfect competition, the absence of information asymmetry, and the absence of external diseconomies are not met.
When a new business model emerges due to digital transformation, it is necessary to carefully examine and consider the circumstances of these requirements, not just judge whether they conflict with existing regulations. In addition, with the advancement of industrial hierarchical structure, there is a need to reorganize from vertical regulation to regulation by function. Moreover, in order to smoothly promote spiral model innovation, it is important to allow experimental measures within a certain range and consider regulations while looking at the results. If it is related to solving social challenges, it is necessary to establish a space for dialogue with society.
Regulatory response requires speed because it affects the speed of digital transformation. World-class innovation cannot occur by checking the situation in other countries and reacting after the fact. It is conceivable to speed up response by utilizing guidelines, etc. In addition, it is expected that the number of cases in which services will be used globally will increase due to digital transformation, so when considering the original stance of the regulation, it is necessary to understand regulatory trends in major countries and not just coordinate with domestic stakeholders. Efforts should be made to harmonize the contents internationally as much as possible.
KW - digital technology;regulation;anti-regulation;re-regulation;industrial competitiveness;sharing economy;smart society.
DO -
UR -
ER -
Joung Soon Hyoung. (2024). A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy. Legal Theory & Practice Review, 12(3), 41-85.
Joung Soon Hyoung. 2024, "A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy", Legal Theory & Practice Review, vol.12, no.3 pp.41-85.
Joung Soon Hyoung "A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy" Legal Theory & Practice Review 12.3 pp.41-85 (2024) : 41.
Joung Soon Hyoung. A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy. 2024; 12(3), 41-85.
Joung Soon Hyoung. "A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy" Legal Theory & Practice Review 12, no.3 (2024) : 41-85.
Joung Soon Hyoung. A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy. Legal Theory & Practice Review, 12(3), 41-85.
Joung Soon Hyoung. A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy. Legal Theory & Practice Review. 2024; 12(3) 41-85.
Joung Soon Hyoung. A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy. 2024; 12(3), 41-85.
Joung Soon Hyoung. "A Consideration of the Possibility of a Breakthrough in the Three-sided Structure of Regulation, Anti-regulation (Regulatory reform), and Re-regulation from the Perspective of Economic Law Focusing on Regulatory Response in the Digital Economy" Legal Theory & Practice Review 12, no.3 (2024) : 41-85.
