CPI Asia Column edited by Vanessa Yanhua Zhang (Global Economics Group) presents:
Developments in Criminal Enforcement of Competition Law in Korea by Hee-Eun Kim* (Covington & Burling LLP Brussels Office)
* Attorney at Covington & Burling LLP Brussels Office. The views expressed in this article are the author’s, and should not be construed as reflecting those of the firm or its clients. Thanks are due to Lars Kjølbye and Nancy B. Rohn for their comments.
Korea’s New Presidency and Competition Law Enforcement
On December 19, 2012, Korea elected Ms. Park Geun-hye to lead a new government for the next five years. Not only is Ms. Park the first woman president of Korea, she is also the daughter of former president Park Chung-hee. Mr. Park is regarded as the driving force of the remarkable economic growth through the 1960s and ‘70s, the period which began the per capita increase in Korea’s nominal GDP from US $100 in 1962 to more than US $22,000 in 2012.
While the “pie” has grown enormously in only half a century, economic and social issues from the rushed industrialization and unequal distribution of wealth pose challenges to Korea’s future growth. Hence, a balance between “economic democratization” and continued expansion tops President-elect Park’s agenda of economic and industrial policies. As part of these policies, she has pledged to facilitate fair and transparent competition among large- and small-sized enterprises and to protect underdogs in
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