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@article{ART002121426},
author={Sakong Yung-Ho},
title={The Sinking of Ferry Sewol and the Nature of Regulation Failures},
journal={Journal of Regulation Studies},
issn={1738-7132},
year={2016},
volume={25},
number={1},
pages={55-90}

TY - JOUR
AU - Sakong Yung-Ho
TI - The Sinking of Ferry Sewol and the Nature of Regulation Failures
JO - Journal of Regulation Studies
PY - 2016
VL - 25
IS - 1
PB - 한국규제학회
SP - 55
EP - 90
SN - 1738-7132
AB - What caused the disaster of Ferry Sewol? Many criticized the actions of the captain and most of the crew of the ferry. More criticized the South Korean government for its responses.Then, what’s wrong with the government regulation? This study tries to identify the problem of regulation by the perspectives of the political economic theory of regulations. Three causes are said to be at the center of this accident; deregulation of the limit of ship age, captured and spoiled bureaucrats by interest group, and price regulation. Eased regulation and the import of aged ship is not the major cause of the sinking. Sewol was nearly 20 years old but a little younger than 20 at the time of the accident. Capture and intimate connection between the ferry operator and the regulators is not the direct cause, either. There were some corruptions. However, the ship itself had no fundamental problem to be forbidden from operating by the bureaucrats. The hidden cause of the accident could be the price regulation for the passengers and the shipments. Price regulation can totally changes the business conditions. The operators are forced to commit abnormal actions to keep the business continue. To board more passengers, extra passenger cabins were added. To load more cargo, extra equipment was also installed. To earn more money, the ferry operator tried to load more cargo giving them much more benefits. Due to these reasons, Sewol lost restoring force. To cut the cost, aged ship was imported. Lowly paid part-time captain and crew abandoned the ship right after the accident leaving their passengers inside the cabins.
KW - Ferry Sewol;deregulation;capture;age regulation of ship;price regulation
DO -
UR -
ER -

Sakong Yung-Ho. (2016). The Sinking of Ferry Sewol and the Nature of Regulation Failures. Journal of Regulation Studies, 25(1), 55-90.

Sakong Yung-Ho. 2016, "The Sinking of Ferry Sewol and the Nature of Regulation Failures", Journal of Regulation Studies, vol.25, no.1 pp.55-90.

Sakong Yung-Ho "The Sinking of Ferry Sewol and the Nature of Regulation Failures" Journal of Regulation Studies 25.1 pp.55-90 (2016) : 55.

Sakong Yung-Ho. The Sinking of Ferry Sewol and the Nature of Regulation Failures. 2016; 25(1), 55-90.

Sakong Yung-Ho. "The Sinking of Ferry Sewol and the Nature of Regulation Failures" Journal of Regulation Studies 25, no.1 (2016) : 55-90.

Sakong Yung-Ho. The Sinking of Ferry Sewol and the Nature of Regulation Failures. Journal of Regulation Studies, 25(1), 55-90.

Sakong Yung-Ho. The Sinking of Ferry Sewol and the Nature of Regulation Failures. Journal of Regulation Studies. 2016; 25(1) 55-90.

Sakong Yung-Ho. The Sinking of Ferry Sewol and the Nature of Regulation Failures. 2016; 25(1), 55-90.

Sakong Yung-Ho. "The Sinking of Ferry Sewol and the Nature of Regulation Failures" Journal of Regulation Studies 25, no.1 (2016) : 55-90.