Korea’s Competition Law and Policies in Perspective Symposium on Competition Law and Policy in Developing Countries

Jung, Youngjin, Chang, Seung Wha | January 1, 2006

The aim of this article is to provide an overview of competition law and competition policy in Korea and to analyze their relationship with other important national economic policies. Section II provides a historical survey of the country’s competition law and policy. Section III examines the major components of the law and evaluates how the antitrust authority has actually enforced its provisions in practice. It also highlights elements of the law that have been tailored to Korea’s unique economic circumstances. Section IV focuses on the relationship between competition policy and related economic policies-in particular, industrial policy and trade and investment policy-and gives some case studies. Section V discusses Korea’s recent expansion of its antitrust jurisdiction beyond its own territory. Section VI offers some policy suggestions for other developing Asian countries based on the Korean experience with competition policy.