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Taking International Soft Law Seriously: Its Implications for Global Convergence in Corporate Governance

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Authors
Kim, Hwa-Jin
Issue Date
2001
Publisher
BK 21 law
Citation
Journal of Korean Law, Vol.1 No.1, pp. 1-50
Abstract
The normative power of international “soft law” has constantly increased through the activities of various international organizations and the reliance that state practice places on the new form of international legal prescription. The recent unprecedented pace of such development has been seen in such financially - troubled East Asian countries as Korea. This article describes the changes and developments within the Korean economy and industries since the end of 1997 with particular emphasis on corporate governance and regulation of financial markets, directly and indirectly mandated by various international soft law rules. This article suggests that the national law principles developed in capital exporting (and providing) countries will serve as the predominant model for the convergence of national institutions and regulations, particularly corporate governance institutions and regulation of financial markets, which inevitably supports the convergence-from-competition hypothesis. The Korean case also clearly shows how a particular group of international soft law rules can fundamentally change a nation’s
economic system. This article argues that the Korean case shows the legitimacy of the normative power of international soft laws in its ability to shape and fulfill the regulatory needs of a globalizing market.
ISSN
1598-1681
Language
English
URI
http://hdl.handle.net/10371/85031
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) Journal of Korean LawJournal of Korean Law Volume 01 Number 1/2 (2001)
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