Land Tenure History and Issues in the Republic of Korea

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Land Tenure History and Issues in the Republic of Korea
Justin Maloney
Department of Spatial Information Science and Engineering
University of Maine
May 2000
Abstract
Land tenure has played an important role in Korean society throughout its long history.
Up until World War II the country was largely agrarian, with a feudal land system.
Peasant unrest over land rights and high rents was common, and many regimes met their
downfall because of this problem. The land tenure system was reformed many times, but
remained a feudal system. Following World War II, the country was split into North and
South, with both countries enacting major land reform and outlawing tenancy on
agricultural lands. While the economy in the communist North has stagnated, South
Korea has developed a modern, market economy. South Korea’s rapid growth has
created new land problems and the need for modern, computerized systems of land
information.
1. Introduction
In contrast to the division of the continent and heavy political influence from outside
countries in the 20th century, Korea has a long history of unification and independence
from other societies. Its geographic position, on a peninsula off of Northern China, has
enabled this independence and has kept invasions of the country to a minimum. Korea’s
history up to the 20th century was marked by three long-lived dynasties, and was an
advanced culture with many developments in the arts and sciences while Europe was still
in its dark ages. The 20th century has been marked by major changes, including the
change from a feudal land tenure system to a modern open-market system and the largescale industrialization of the country. Today, Korea is once again a prosperous nation,
whose rapid economic growth is necessitating reforms of its cadastre and land
information systems.
2. Historical Overview
2.1 Early Dynasties
Man has occupied the Korean Peninsula since Neolithic times. Early tribal groups
eventually consolidated and formed into aristocratic states, with centralized government
institutions. Three of these states came to dominant the peninsula, until they were all
unified under the Silla Dynasty in the seventh century A.D. Korean society flourished at
the beginning of the Silla Dynasty, and this period saw the height of Buddhism in Korea
and much trade with China. The ruling class was the main beneficiary of this wealth, and
enjoyed a high standard of living, expensive imported goods, and new cultural and
educational institutions. At the same time, the common people saw an increasing tax
burden and the threat of forced labor if rents could not be paid, leading to much rebellion.
The more liberal aristocrats, many of whom had been educated in China, became
dissatisfied with the King’s handling of the peasant situation. Many of them moved away
from the capital into the countryside, where they set up there own small kingdoms and
collected taxes from the peasants. Without the support of the aristocrats and increasing
rebellion, the Silla Dynasty soon declined (Caraway 2001).
Led by Wang Kon, the Koryo Dynasty consolidated kingdoms in Korea and soon
replaced the Silla Dynasty. After an initial period of fighting off invading tribes from the
north, Korean society soon thrived again under the new dynasty (Savada 1990).
However, just as had happened during the previous dynasty, infighting among the ruling
classes led to a period of decline. To make matters worse, Mongols invaded from the
north in 1231 and occupied the country for over a hundred years. Following the Mongol
occupation, the Koryo Dynasty soon fell (Savada 1990). A Korean general, Yi Song-gye,
who had been sent to attack Chinese forces instead turned on his own king and toppled
the government (Caraway 2001).
2.2 Choson Dynasty
Yi Song-gye founded the Choson Dynasty in 1392, moving the capital to Seoul. It would
prove to be Korea’s longest-lived dynasty. After taking the throne, Yi implemented a
number of reforms to address problems that had led to the decline of earlier dynasties.
Many of these reforms involved the land system, and had a negative effect on the
Buddhist temples, which had claimed large amounts of public lands. For these and other
reasons, the practice of Buddhism began to decline and Korea would become a largely
secular society (Savada 1990).
After an initial period of prosperity and advances in the arts and sciences, the Choson
dynasty began a period of decline at the end of the fifteenth century. This decline did not
end in the fall of another dynasty, however. A new school of thought based on practical
applications of knowledge, known as Sirhak, took hold. Sirhak thought advocated reform
of administrative and land systems and led to a renewed interest in Korean history and
language (Savada 1990).
By the eighteenth century, Western influences such as Christianity had arrived in Korea.
The government was not happy about the rejection of traditional ancestor worship by
Roman Catholic priests, however, and banned all forms of Western learning. By the
nineteenth century Korea was becoming increasingly isolated. This isolation was broken
in 1876 under the threat of a war with Japan. The Japanese worked out a treaty that
opened up Korean ports to trade and gave the Japanese extraterritorial rights. Through
the end of the nineteenth century Korea was heavily influenced by Japan, Russia, and
China, each country trying to advance its own interests (Lone and McCormack, 1993).
2.3 The Japanese Colonial Period
Increasing aggression between Japan and China and Japan and Russia led to two wars,
the First Sino-Japanese war in 1894-95 and the Russo-Japanese war in 1905. The
Japanese were victorious in both wars and were able to gain a large presence in Korea.
Japan increasingly dominated Korea until it formally annexed the territory as a colony in
1910 (Savada 1990).
At first, Japan ruled with a heavy hand, granting few rights to the conquered Koreans.
Japan relaxed its policies after protests broke out throughout Korea in 1919 in response to
a Proclamation of Independence written by a small group of leaders in Seoul. This
liberalization was reversed, however, as World War II neared and Japan became
increasingly militaristic (Caraway 2001).
This period was one of great change in Korea, although many of these changes were
designed to benefit ruling Japan and help Japan towards its goal of self-sufficiency.
Agricultural production was increased so that more food could be exported to Japan,
while great investments were made in manufacturing. Meanwhile, per-capita food
consumption by Koreans declined, and few Koreans owned or profited from the new
industries. As the war approached, Japan increasingly tried to assimilate the Koreans.
Japanese was taught in the schools, families were encouraged to adopt Japanese names,
and traditional practices of worship were discouraged. This period of suppression of the
Korean culture would thankfully end with the Japanese loss in World War II (Lone and
McCormack, 1993).
2.4 Post World War II
In the waning days of the war, Russia declared war on Japan and occupied the Korean
Peninsula. Wary of Communist influence, the U.S. signed a treaty with Russia in 1945
splitting the country at the 38th parallel. The U.S. continued to play an active role in the
government of Korea in the years following the war, unsure of what to do to protect
against the communist threat. This was a period of economic chaos and great social
unrest. Millions of refugees returned to Korea and flooded its cities, raising the
unemployment rate. The separation of the north, with much of Korea’s heavy industry,
natural resources, and electric generating capacity, made a difficult economic situation
even worse.
In 1947, the U.S. finally moved ahead with its plans for Korean independence. The
situation with Russia had not been resolved, however, and the new Republic of Korea
would remain divided from the North. A constitution was adopted in May of 1948,
setting up a presidential form of government, and the National Assembly elected
Syngman Rhee as the first president. Less than a month later the communist Democratic
People’s Republic of Korea was established, and ties between the nations severed
(Savada 1990).
North Korea began building up its army, and swiftly took over much of the southern part
of the peninsula in an invasion in 1950. The U.S., which had withdrawn its forces a year
earlier, quickly came to the South Korean army’s aid. The North Korean army was
eventually pushed back, and a cease-fire agreement was signed in July of 1953 at
P'anmunjom. Heavy losses were suffered on both sides, and much of the Korean
landscape was reduced to rubble (Savada 1990).
The twelve-year regime of President Syngman Rhee was marked by a “heavy-handed
centralization of power,” with massive build-ups of the military and bureaucracy (Lone
and McCormack 1993). Despite quickly losing the support of the National Assembly, he
was able to extend the length of his regime by crafting constitutional amendments to
change the election to a popular vote and to allow himself more than two terms in office.
After being re-elected for a fourth term in a fraudulent election, Rhee resigned in 1960
following massive student protests (Savada 1990).
Despite huge amounts of U.S. aid following the war (amounting to 58% of the Korean
budget in 1956), economic growth stagnated for several years due to a lack of
coordinated planning by Rhee’s administration (Lone and McCormack 1993). Inflation
ran very high due to heavy military spending and a lack of raw materials. By the late
1950’s, however, things began to improve. Inflation stabilized by 1958, while investment
in industry began to increase. Major investments were made in the education system, and
educational opportunities at all levels were greatly expanded. The war and a major land
reform in 1950 had a great leveling effect on society; combined with improved access to
education, opportunities for upward mobility were greatly increased (Savada 1990).
With his resignation in 1960, Rhee left an environment of widespread political corruption
and mismanagement and a demoralized police force. The Democratic Party was able to
win a majority in the National Cabinet in this fragile environment, but it was not long
before they were toppled by a military coup. A thirty-two-member council called the
Supreme Council for National Reconstruction (SCNR) became the new ruling body, led
by Park Chung Hee. Park wasted little time in concentrating all power around himself,
declaring martial law and drafting a new constitution that allowed him to succeed himself
as president indefinitely. He censored the press, outlawed political demonstrations, and
used the Korean Central Intelligence Agency (KCIA) to investigate and suppress his
enemies. In 1975 he issued the harshest of his many emergency declarations, Emergency
Declaration Number Nine, which made criticism of the constitution a crime punishable
by more than a year in prison (Savada 1990).
In 1979 growing social unrest, due to political suppression and an economic recession,
led to more student protests. Rhee met for a dinner with several other political leaders in
October to discuss the protests. KCIA head Kim Chae-gyu, who sharply disagreed with
Rhee over his harsh treatment of protesters, assassinated the president at the dinner. This
left a huge political void in the Korean government, resulting in several struggles for
power. The students’ hopes for a new constitution and a democratic system were
quashed, however, when defense head Chun Doo Hwan took over in 1980. Economic
prosperity returned under Chun’s regime, and achievements in diplomacy were made.
However, Chun’s presidency was stained his forceful takeover of the government, his
hard-line policies, and a massacre that occurred at a student protest. Further student
protests eventually led to his fall in 1987 (Savada 1990). A new, more democratic
constitution was introduced by his successor, and since that time Korea has made
significant strides towards becoming a truly democratic nation.
3. Land Tenure History
3.1 Feudal Society
Korea’s early political and land tenure systems were based largely on those of China. In
the period of the dynasties, Korea was characterized by centralized rule, with the country
divided into provinces, districts, towns and villages. The vast majority of Koreans were
the poor peasants who worked the land, usually living in small hamlets of about ten
families. They paid rent to the castle lords, provincial aristocrats who controlled both
private and public lands. The castle lords were wealthy gentry who had moved away
from the capital to the countryside, where they could hold power over the surrounding
area and avoid the chaotic situation in the capital (Caraway 2001). The peasants were
often saddled with heavy rents and forced servitudes to support the lifestyles of the elite,
causing much dissatisfaction and leading to many revolts. Those peasants who could not
pay their taxes and debts were forced into slavery, and could be bought and sold freely as
property (Caraway 2001).
Under the Koryo Dynasty, Korea’s land was divided into public and private lands. Rent
from peasants farming the public lands was used to support the government. These lands
could also be allocated for uses such as schools, government offices, and hostels, or could
be allocated for the use of government and military officials. Private lands were given to
the aristocrats, who could buy, sell, and inherit land and collect rent from the peasants.
Almost all private land was passed on through inheritance, staying within the same
families for generations (Caraway 2001). Small, individual plots of land were also made
available to civil servants and soldiers as payment for their services. This land became
the property of the state again after retirement or death (Caraway 2001).
After he took the throne in 1392, Yi Song-gye instituted a number of land reforms to
address problems that had led to the decline of the Koryo Dynasty. Clans and Buddhist
temples had claimed large amounts of what were supposed to be public lands, reducing
tax rolls and government income. Private landowners continually raised rents, causing
discontent among the peasants (Savada 1990). Yi instituted the innovative Rank Land
Law, which re-allocated land throughout the country, placed ownership of all land in the
state, and fixed maximum rents. Members of the bureaucracy and men of special merit
were awarded land grants to collect rent from, though actual ownership remained with the
state (Caraway 2001). The Rank Land Law had a devastating effect on Buddhist temples,
which lost economic influence with the loss of their lands. The new rulers were
Confucianists who did not care much for Buddhism anyway, and the practice of
Buddhism soon declined in Korea (Savada 1990).
Additional reforms were made under King Sejong, who ruled from 1418 to 1452. The
Tribute Tax Law changed the tax system by classifying agricultural land into categories
based on fertility and the previous year’s yield. This system eased the burden on peasants
somewhat, but they still had to pay tribute to local landlords. Scientific advancements at
this time also led to the development of a triangulation device and the surveyor’s rod.
These tools made accurate and detailed land surveys possible, aiding in land
administration and leading to the compilation of gazetteers (Caraway 2001).
Under the Rank Land Law, land grants had been awarded in perpetuity, and so were
passed down from generation to generation. As the kingdom awarded more and more of
its supporters land, it eventually ran out of new lands to give away. This problem was
addressed by changing to a post land system in 1465, which allowed only living
government officers to hold land (Caraway 2001).
Following Japanese invasions in the early seventeenth century, Korea’s economy fell into
disarray. Agricultural lands throughout the country were destroyed, reducing tax
revenues at the same time that the government was strained by war debts. To address the
situation, land reform was again instituted in the form of the Uniform Land Tax Law.
This law changed replaced the previous tax system with a uniform tax of one percent of
the agricultural harvest. This reduced the burden on peasants, helped lead to the
development of a commercial economy, and increased government revenues (Lone and
McCormack 1993).
The enlightenment and development brought about by the Sirhak thought movement in
the eighteenth century led to many proposals for land reform. These included a proposal
to create a nationwide public land system and grant individual plots to peasants, and a
proposal to grant all peasants a minimum amount of land in perpetuity (unfortunately,
none of these proposed land reforms were ever instituted). A number of land surveys
were carried out during this period to improve map accuracy. Mapping accuracy was
also improved with the introduction of perspective and scale from the West (Savada
1990).
3.2 The Land System under Japanese Occupation
The next major reform of the land system would not come until the Japanese occupation.
Following annexation of Korea in 1910, the Japanese soon began work on a national
cadastre to allow them to better track ownership of land and to stabilize tax revenues. As
there were no land records at the time, land ownership had to be systematically
determined so that titles could be created. Most landlords were able to retain their lands,
although public and royal lands were claimed by the government and sold (Robinson
2001). The national cadastre took about ten years to complete.
Korean farmers, most of whom were illiterate, often did not understand the complex
registration process. As a result, the system mainly benefited landlords, especially
Japanese landlords who were able to increase their holdings in Korea. Formation of the
cadastre led to increased taxes and a cash payment requirement. This pushed Koreans to
make their lands more productive so that they could partake in the cash economy, and
helped to modernize Korean agriculture (Lone and McCormack 1993).
Rising transaction costs and growing discontent in the 1930’s led to strikes and the
refusal by many tenants to pay rents. Despite this disorder in the agricultural sector,
Korea in general was well controlled during the period due to the presence of Japanese
police and military forces. Following the war, however, the weak temporary government
was unable to maintain social order. Strikes became more frequent and violent, and the
lack of law enforcement made it very hard for landowners to punish tenants for violation
of contracts. Discontent among tenants also fostered sympathy for socialism and
communism, something the U.S. military administration wanted to prevent. Adding to
support for communism was the fact that the North Korean government had already taken
landlords’ land without compensation and distributed it to the people (Jeon and Kim
2000). It soon became clear that a major reform of the land system was necessary.
3.3 Modern Reforms
After hundreds of years of being suppressed under a feudal land system, Korea’s tenants
would finally gain freedom with the formation of the new Republic of Korea. When the
Constitution was written in 1948, it contained an article of agricultural land reform. This
article became the basis for the Agricultural Land Reform Amendment Act (ALRAA),
which became effective on March 10, 1950. The ALRAA contains three main
provisions: “first, any individual can own agricultural land but only if he or she cultivates
or manages it for himself or herself; second, one can own [approximately] three
[hectares] at maximum; and third, tenancy arrangements and land-renting activities are
legally prohibited.” (Jeon and Kim 2000)
Extremely low land prices during this period had helped make the ALRAA possible.
With the breakdown of order in society following World War II, landlords saw the rents
they were able to extract from tenants drop sharply, if they could collect them at all.
Many were forced into selling their lands at low prices, and approximately 37% of the
arable land was sold between 1945 and 1949. This huge supply of available land negated
the effects of millions of returning refugees and made a major redistribution possible. As
a result the ALRAA was very successful, resulting in the near-complete elimination of
tenant farming and an increase in owner-cultivating households from 349,000 in 1949 to
1,812,000 in 1950 (Jeon and Kim 1990).
Acting on the ALRAA, the government conducted a survey of landlord-tenant
relationships and set about purchasing the land from landlords. Compensation was set at
1.5 times the annual crop yield from the land, and was to be paid out in cash at the time
of the sale. The land was then re-sold to the tenants, who were allowed to make
payments as a percentage of their crops over several years. Most of the land reform
process had been completed by the early 1960’s (Jeon and Kim 2000).
4. Korea’s Cadastral System
As was discussed in the previous section, after annexing the country as a colony in 1910
the Japanese government soon began work on Korea’s first national cadastre. In order to
better manage the nationwide land and forest surveying projects that were taking place at
the time, direct control of the cadastre was placed in the central government. After
completion of cadastral surveys in 1923, the temporary land surveying office was
abolished and control of the cadastre was transferred to an administrative office.
However, the administrative office had far fewer available resources and soon fell short
of the needed budget and manpower to manage the cadastre. To solve this problem the
Bureau of Finance of the colonial government decided to privatize land surveying, and
introduced a permitting process for surveying companies and licensing procedures for
individual surveyors (Lee 2001).
The privatization of land surveying was reversed in 1938, when the decision was made
by the government to create the Korean Cadastral Association (KCA) as a non-profit
corporation. The KCA remained essential unchanged through both wars and the
formation of the Republic of Korea. When the agricultural land tax was changed to a
local tax in 1962, management of the cadastre was given to local administrative units
(Kim and Kim 1999).
In 1977, management of the cadastre given back to the national government and the KCA
was renamed the Korean Cadastral Survey Corporation. A three-level hierarchical
structure consisting of a head office and branch and local offices was created. The
Cadastral Technology Training and Research Institute (CTTRI), created in 1955, was
also strengthened at this time (Ryu 2000).
5. Current Land Issues in Korea
5.1 Cadastral Reform
Currently, the Korean Cadastral Survey Corporation is the only organization performing
cadastral surveying in Korea. Though the KCSC is generally a well-organized and wellrun agency and has no outstanding debts, it does have some inherent problems associated
with its monopoly status. Delays have often been encountered while waiting for surveys
to be performed, there is no alternative surveying institute to examine results if a
customer is not satisfied, and the lack of competition has led to inefficiencies (Ryu 2000).
These problems have led to calls for reform and/or the creation of a competitive system
to improve cadastral services.
Dr. ByoungChan Ryu, director of the Korean Cadastral Training and Research Institute,
has several proposals for improving the KCSC. He believes the KCSC should adopt a
more flexible structure, which would allow personnel to be shifted around the country
depending on demand. He also calls for the creation of an independent agency to
examine the results of the KCSC, and for training personnel to better deal with
customers. As an alternative to these reforms, Ryu believes that opening up cadastral
surveying to competition would also improve upon the current method.
5.2 Zoning and Growth Management
Growth management laws in Korea date back to 1934, when the Japanese colonial
administration instituted the first city planning laws (CPLs), which governed
development in the greater Seoul region. These zoning laws were retained by future
administrations until the Korean government revised them in 1962. While the previous
CPL’s had taken a very detailed, specific approach to land-use zoning, the revised laws
took a more broad, “master planning” approach. The more specific details of
development were regulated through a new building code, introduced at the same time
(Gallant and Kim 2001).
Rapid growth in the region of Korea’s capital, Seoul, became a major problem in the
early 1960’s. By the end of the decade, Seoul’s population had grown from three to five
million (Cho 2002). To control this growth, in 1971 a controversial Restricted
Development Zone (RDZ), or greenbelt, was created around the city. Greenbelts were
soon created around 16 other large- and medium-sized cities as well (Gallent and Kim
2001).
The greenbelt around Seoul has largely been viewed as failure. Rather than being
controlled by the greenbelt, new development simply “leapfrogged” over the RDZ,
“resulting in the creation of commuting satellites some distance from the city.” (Gallent
and Kim 2001) At the same time, these restrictions have caused land within the greenbelt
to be developed to its limit, resulting in higher land prices and exacerbating a lack of
affordable housing. Greenbelt boundaries were decided somewhat arbitrarily, without
considering actual development pressures, resulting in the division of many communities
and the protection of land with little environmental value. The greenbelt policy has also
been criticized for its interference with property rights and the open market (Gallent and
Kim 2001). The policy is increasingly being challenged on property rights grounds, and
in a landmark 1998 Constitutional Court case it was ruled that the government must pay
compensation to those whose development rights have been affected (Cho 2002).
Today, the Korean government is starting to shift its focus away from strict greenbelt
boundaries and towards newer zoning policies. The central government is also starting to
relax some of its oversight powers, and is allowing local and provincial governments
more discretion in planning choices. There are currently proposals to readjust greenbelt
boundaries for the first time, removing them in areas of low growth and readjusting
boundaries in high growth areas. The government is also addressing the problem of
inadequate infrastructure for new development. Previous regulations only required
developers to build infrastructure on their own lands, without paying any attention to the
needs of the overall community. New policies include development fees to help offset
the costs of infrastructure improvements (Cho 2002).
5.3 LIS/GIS
In response to rapid growth and the emergence of new technologies, Korea has made
significant progress towards computerizing its existing land-management tools and
developing new ones. Computerization has many advantages, such as increased
efficiency, better access to information, and the ability to integrate many different
technologies such as GPS, photogrammetry, and remote sensing. The Korean Cadastral
Survey Corporation is currently completing work on a Parcel-based Land Information
System (PBLIS), which will integrate many components of land information in a
computerized system.
The first step taken towards implementation of the PBLIS was the creation in 1991 of a
nationwide, on-line cadastral information system. This system was text-only, and
contained information from land terriers. Currently, the KCSC is in the process of
digitizing all of its cadastral and forest maps (Kim and Kim 1999). Besides meeting the
goals of the PBLIS, computerized maps will have several advantages over paper-based
maps. They will not be subject to wear-and-tear, distortion, or expansion, will be more
precise, and can be easily updated and shared (Lee 2001).
Another major requirement for implementation of a PBLIS is a nationwide cadastral resurvey. To speed up the re-survey process, which could take up to ten years, GPS
technology will be used extensively. A GPS control point network was created, with a
network of Continuously Operating Reference Stations to maintain stability. After the
network has been tested and carefully analyzed, cadastral laws will be reformed and the
use of GPS for surveying will be greatly facilitated (Kim and Kim 1999).
The other major components of the PBLIS are the computerization of construction
registers and reform of the National Land Information Center (NLIC). An information
system has been created to manage the construction permitting process, and old
construction records will be digitized. This information is very useful for a rapidly
developing country like Korea for emergency management and urban planning. The
NLIC is a very customer-oriented service, and manages distribution of land information.
Computer and network upgrades are being performed to improve the data-handling
capabilities of the service, and other work is being performed to improve access to and
accuracy of information (Kim and Kim 1999).
At the same time, the Korean Government is working on a National Geographic
Information System (NGIS). An important element of the NGIS will be the creation of a
Spatial Data Infrastructure (SDI), which will be developed in key with other SDI’s in the
region and around the globe (Han and Cho 2001). Spatial Data Infrastructures regulate
many aspects of geographic information, such as standards and methods of transfer, and
are a key component in the sharing of such information. The NGIS will eventually
integrate many systems nationwide, such as an underground facilities management
system and the national base map series, and will be closely tied in to the PBLIS.
7. Conclusions
In the years since the enactment Agricultural Land Reform Amendment Act in 1950, the
South Korean economy has undergone a major transformation. Korea has changed from
a feudal, largely agrarian society to a modern, industrialized nation that now enjoys
unforeseen prosperity and growth. This prosperity has been achieved despite the lack of,
until recently, a fully functioning democratic system. Such success despite years of
almost dictatorial rule points to the advantages of a good educational system and open
markets.
The instability following World War II was in many ways beneficial to the country,
because of the reforms it made possible. The low land prices during this period made a
rapid and radical transformation of the land system possible, creating the basis for a
modern, industrial economy. Landlords were also fairly compensated for their lands
under this system. In North Korea, by contrast, landlords were simply relieved of their
lands without payments, and the land then redistributed to the entire community. North
Korea’s economy has stagnated since the division, pointing in part to the failure of the
communal land system.
Today, Korea’s rapid growth presents many challenges to its information systems. Land
information is becoming increasingly important as more development occurs and land
values rise. This information is needed to direct future growth, for reform of zoning
laws, to plan infrastructure development, for tracking exchanges of land, and for many
other purposes.
Fortunately, new technologies are making possible many exciting new developments in
the area of spatial information. Technologies such as GPS and remote sensing are
improving the speed and accuracy of data collection, while driving down costs.
Geographic information systems are making it possible to link different types of
information in ways that were previously impossible, and the Internet is making it easier
to access information. The effective use of these technologies will help to ensure the
future success of the Korean economy.
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