Edited by Steven Van Uytsel, Shuya Hayashi and John O. Haley
Chapter 4: The evolution of fair and free competition law in the Republic of Korea
Over the past decades, the Korean competition regime has developed notably, highlighting the distinctive features that enable it to harmonize various goals of competition law for ensuring fair and free competition, in pursuit of economic democratization. Enquiry into whether diverse objectives can influence overall competition policy continues to be relevant because economic efficiency itself cannot be the sole goal in Asian countries like Korea. When examining the development of the Korean regime, it is clear that the skeleton of its competition philosophy is a blend of various concepts from the adoption of foreign legal theories and economic principles, which leads to convergence. Therefore, modern economics and politics in competition law often affect its development in a country, including the level of divergence and convergence. This chapter aims to examine the recent changes of the Korean competition regime as an example of localized harmonization.
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