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KCI등재 학술저널

Discourse on Democracy and Market Economy in Korea: Its Implication to the APEC Member Economies

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This paper deals with the dynamic interaction between two systems of democracy as a political system and the market economy as an economic system in Korea in order to apply their implications to APEC member economies. In the discussion on the two systems, three questions are raised. First, what are a liberal democracy and free market economy, and are they well understood? Second, how well does the Korean Constitution embody and incorporate the spirit of democracy and the market economy? Third, are democracy and a market economy compatible with each other? Answers provided to the questions raised above are as follows. First, while the general public in Korea understand democracy well, often scholars and experts in Korea do not understand the nature of a market economy well. Second, the Korean Constitution incorporates quite well the spirit of democracy, but the spirit of the capitalistic free market economy is poorly embodied in the Constitution. In other words, many anti-capitalistic regulations are found in the Korean Constitution. Third, the paper explains why democracy and a market economy are not compatible in general. Many social and economic problems facing Korea and other APEC member economies in common have met with above three issues. Furthermore, the paper discusses questions such as “Why government cannot solve so many economic problems?”, “Why general public are not satisfied with government policies?”, and “How much improvement can be expected by the revision of economy-related articles of the Constitution?”

Ⅰ. Introduction

Ⅱ. Political Decision-making and Market Decision-making

Ⅲ. Liberal Democracy and Korea

Ⅳ. The Free Market Economy System and Korea

Ⅴ. The Democratic Political System and Economic Performance

Ⅵ. Economic Democratization

Ⅶ. Constitutional Amendment and Economic Socialism

Ⅷ. Concluding Remarks

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