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4 (February 14, 2005)
Bribery and Accountability
Korea has enjoyed economic success, yet it is sometimes perceived to be
a place that doesn't quite play by the rules. That may be a
fascinating anomaly; sustained economic development without the rule of
law. Our focus
is on corruption and the consequent lack of independence of prosecutors,
regulators, corporate directors and auditors. Three new anti
corruption laws were enacted in the summer of 2001, following a series of
governance legal reform efforts that began in 1998, and a series of
corruption scandals in 2000 and 2001. Corruption is long standing
and persistent, and Korean law has long outlawed bribery. Can more
Why does Korea have a corruption problem? The usual answers are that
the government was authoritarian, with close control of the economy, that
the ministries operated according to vague or unwritten rules with no
review, that there are close family, regional and school ties - not
an "open society" - and because of the common practice of giving cash
gifts at weddings, funerals, graduations and the like . But there
must be at least one more reason.
If the rule of law is a matter of incentives, the costs and benefits may
have to be reordered by the law. Does the Korean legal scheme do that?
We will be discussing numerous cases and in particular the recent case
involving bribes to North Korea.
and opening the market for legal services
With increase in global business - international
business - what is the logic behind keeping legal market limited? Think
about sovereignty (preserving culture, traditions etc.) v. efficiency issues.
Focus on this issue in the same context of looking at corruption and
bribery in Korea.
THE THRESHOLD OF THE ADOPTION OF GLOBAL ANTIBRIBERY LEGISLATION
in the Global Market: A Critical Analysis of the Foreign Corrupt Practices Act
Recent news on bribery scandal involving government 1, 2, 3