Monday, December 24, 2007
Posted by D. Daniel Sokol
To better understand changes in Korean competition policy, Sang-Seung Yi (Professor of Economics at Seoul National University) & Youngjin Jung (partner at Yulchon) provide an overview with their article A New Kid on the Block: Korean Competition Law, Policy, and Economics.
ABSTRACT: This paper provides two authors’ perspectives on the achievements, shortcomings, controversies, and challenges ahead for Korean competition law and policy. The Korean Competition Law, formally known as the Monopoly Regulation and Fair Trade Act (MRFTA), was enacted on the last day of 1980.1 In the past quarter-century, since its establishment in 1981 as the principal enforcer of the MRFTA, the Korea Fair Trade Commission (KFTC) has achieved significant successes, especially in the area of cartel enforcement and competition advocacy. In recent years, it has accepted economic analysis as the proper basis for determining antitrust violations and has established an economic analysis unit.