Kang Man-soo, Korea’s finance minister, says: "Heavy regulations, higher tax rates and distribution-oriented policies have reduced investment and consumption. It’s time to revitalize the Korean economy."
For that reason, he adds, the government has drawn up a new economic programme – colloquially termed MBnomics after the president’s initials – that will seek to foster economic growth driven by pragmatic but market-friendly policies.
Speaking at an investor presentation in London last month, Kang said that MBnomics had seven core principles including competition, policies based on economic...
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