The New Institutional Economy and the New Traditional Economy in Korea: Does the Confucian Tradition Give It a Competitive Edge?

Abstract
A new traditional economy combines elements of traditional culture, such as Confucianism, with a modern, technologically advanced economy, while a new institutional economy minimizes transactions costs through its institutional structure. South Korea has enhanced its competitive edge by drawing on Confucian elements such as respect for education and the search for family-like harmony in chaebol corporations that can reduce transactions costs (despite problems) in an open system. Despite also emphasizing respect for education, North Korea has drawn on anti-mercantile elements of the Confucian tradition such as the excessive authoritarianism of its command socialism and the hermit-like closure induced by its juche policy of self-reliance
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