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- W2218210938 abstract "The 1948 political division of the Korean Peninsula into two rival systems – the North into a Soviet-injected socialist system and the South into an American-enticed capitalist system – has for more than half a century resulted in completely distinct life styles and levels of living conditions for the two Koreas. North Korea basically adopted a communist command economy from the beginning and has modified (or strengthened) it with so-called unique self-reliant (Juche) doctrine since 1955.1 South Korea, in contrast, has principally followed the capitalist road of a market system, although in the early stages of the country’s development (from the 1960s through the 1980s), the government took a greater indicative role and controlling practices were indiscriminately used. The fundamentals on which the South Korean economy is based, however, are characterized as private ownership of the means of production (capital, labor, land, and natural resources), diversified decision-making process, and the built-in stabilization mechanism working principally in accordance with market laws. The market would often face such failures as imperfect competition, natural monopoly, externality, and an insufficient supply of public goods, not to mention the economic instability arising from depression, unemployment, and inflation, which can lead to a growing inequality of income and wealth distribution. These problems inevitably necessitate public intervention into markets by means of indicative or adjustment policies, which may employ some direct purchase, taxation, and welfare programs aimed at mitigating gaps in both horizontal and vertical equity. Beginning in the 1990s, however, the South’s economy has mostly run on the basis of market functioning." @default.
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- W2218210938 date "2010-01-01" @default.
- W2218210938 modified "2023-09-25" @default.
- W2218210938 title "The Political Economy of Reunification Between the Two Koreas" @default.
- W2218210938 doi "https://doi.org/10.1007/978-1-4419-1562-7_6" @default.
- W2218210938 hasPublicationYear "2010" @default.
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