The Rule of Law in a Market Economy: Globalisation of Competition Law in Korea

Globalisation requires a competition law regime since this is an important element of the overall state economic policy. For countries in the developing world that are facing globalisation, a sound framework of competition law is crucial for solving the problems of private restraints on trade, such as boycotts against foreign firms, and of economic concentration. In particular, competition law plays a prominent role in ensuring that the rule of law is followed in a competitive market in modern society. This article discusses the issues arising in the development of the Korean economy and competition law, as an example of success in the progress of competition policy, and suggests proposals for further development.