민주주의와 시장주의
Democracy and Market Economy

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서울대학교 법학연구소
법학, Vol.45 No4 pp.324-393
시장은 정치논리로는 안돼시장과 민주주의공익에 부합
If there was a prevailing trend in the affairs of nations in the past twentieth century
it was the increasing role of governments in the allocation of society's resources.
Especially in Korea spotlighted as a paragon of “developmental state” among
developing countries, the government was deemed to play a decisive role in its
economic development. As the government-driven economy reveals its limit at the
turn of the century, however, the government is no longer regarded as the institution
to achieve social welfare maximization even though there is little doubt that the
government is a central institution in the allocation of social resources. With a
worldwide sweeping trend of neo-liberalism and globalization, a tough criticism
currently arises against governmental intrusion into market economy. The criticism
against governments is basically based on disbelief in democracy as a mechanism to
efficiently allocate society's resources. Nowadays, a new motto “Don't let the market
be left to politics!” is on the verge of becoming a cliché. This article is particularly
planned to suggest counter-arguments against this “market-politics dichotomy” for
fear that it should militate in favor of unconditional expansion of market principle.
Under the circumstances it seems imperative that we correctly understand pros and
cons of democracy vis-à-vis market economy.
Part I tries to define democracy and market economy by enumerating differences
and similarities between market and collective action. While competitive behavior is
present in both the market and public sectors, private-sector action is based on
voluntary choice; public-sector action is based on majority rule. While democracy
turns on the rule of “one man, one vote”, the market on the rule of “one dollar, one...
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) 법학법학 Volume 45, Number 1/4 (2004)
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