firmly in place has been confirmed through an abundance of historical evidence.
Second clause of Article 119 of the Constitution
Politicians from both the ruling and opposition parties who been scrambling to produce populist policies are now in competition for Article 119 of the Constitution. Some Grand National Party members talk about the Article 119 wherever they go. The Democratic Party launched a special intraparty committee on economic democratization of Article 119.
Article 119 consists of two clauses. The first clause states: "The economic order of the Republic of Korea is based on a respect for the freedom and creative initiative of enterprises and individuals in economic affairs." The second clause stipulates: "The State may regulate and coordinate economic affairs in order to maintain the balanced growth and stability of the national economy, to ensure proper distribution of income to prevent the domination of the market and the abuse of economic power, and to democratize the economy through harmony among the economic agents."
The leftists put more weight on the second clause allowing government intervention into the economy. They define it as the spirit of the Constitution and move to enhance government regulation and state power. However, when the government intervenes into and changes the spontaneous outcome of the market, it hampers the free path of development for the market economy and leads the nation to a closed economy.
Direct challenge to the rule of the law.
By Min Kyung-kuk, professor of economics at Kangwon National University