S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) Journal of Korean Law Journal of Korean Law Volume 12 Number 1/2 (2012)
Legal Origins Theory, Economic Development and Competition Law – Canada and Korea
- Yoon, Hyungsuk
- Issue Date
- BK 21 law
- Journal of Korean Law, Vol.12 No.1, pp. 83-110
- Comparative law; Competition law; Fair Trade law; Canadian Competition law; Korean Fair Trade law; Legal Origins Theory; Legal Origins; Economic Development and Law; Common Law; Civil Law; Comparative Legal Analysis
- Legal Origins Theory is a relatively recent school of thought developed by law and finance scholars within the framework of comparative legal studies. The proponents of the Theory posit that societies with different legal origins are associated with different legal rules, and these differently formed legal rules lead to different economic outcomes. The basic conclusion of the Theory suggest that common law based countries tend to do better as shown by economic indicators compared to civil law countries. The focus of this paper is to examine the Theory’ findings in two stages. First, it will consider whether the Theory can be used to explain the rapid economic development of Korea over the last few decades. Second, this paper will examine whether competition (fair trade) law falls within the ambit of the Theory. This paper attempts to arrive at the conclusion that different stages of economic development would better explain (rather than legal origins) the need and development of laws governing economic development. The framework of analysis is adopted from the work of Christopher A. Whytock, which I refer to as modified functional approach.