• Title/Summary/Keyword: Tax Regulations

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Discriminatory Financial Measures on Non-Cooperative Jurisdictions and their Compatibility with the WTO GATS: Focus on the Appellate Body Report on Argentina-Financial Services (조세투명성에 협력하지 않는 국가에 대한 차별적 금융조치의 WTO GATS 합치성 - Argentina-Financial Services 상소기구보고서에 대한 분석을 중심으로 -)

  • Yoo, Hee Jin
    • International Commerce and Information Review
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    • v.19 no.4
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    • pp.95-124
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    • 2017
  • The dispute analysed in this article concern eight measures taken by Argentina regarding finance, taxation, foreign exchange, and registration. The dispute centered on whether these measures were in violation of the Member's obligations under the General Agreement on Trade in Services (GATS), namely most-favored national treatment, national treatment and market access, and whether they are justified by Article XIV and Article 2(a) of the Annex on Financial Services. Important arguments raised in the dispute include whether the services and the service providers of cooperative and non-cooperative countries and/or Argentina subjected to the measures are like for the purposes of Article II and Article XVII of the GATS, whether the regulatory aspects of the measures are to be considered in determining the inconsistency with Article II and Article XVII of the GATS, and whether the measures are justified in that they were taken in accordance with the national laws and regulations aimed at implementing the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Financial Action Task Force. The essence of this dispute lies in the balance of each Member's right to regulate commercial and/or financial activities and its obligations under the GATS. The Appellate Body tried to strike such a balance in its assessment of: (i) likeness of services and service suppliers, (ii) no less favorable treatment under Articles II and XVII, and (iii) the scope of measures under Article 2(a) of the Annex on Financial Services. This article aims to provide an analysis of the Appellate Body's findings, giving light to the relevant jurisprudence and scholars' writings.

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An Analysis of Decision Making Process in Voluntary Reducing Private Car Use (자발적 자가용 이용 저감의 의사결정과정 분석 연구)

  • Lee, Backjin;Kim, Joon-Ki;Yi, Choonyong
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.33 no.2
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    • pp.679-689
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    • 2013
  • To relieve Green-house Gas Emission is the key issue in urban area. Urban transport policies have focused on the reduction of private car use. The most common of these is Travel Demand Management(e.g., congestion charge, environmental tax, etc.) that forces individuals to reduce their private car use. An alternative way is Mobility Management(MM) that induces individuals to voluntarily change their car use through communications. MM is founded on social psychology theory and focuses on individuals' decision making processes to change their perception and attitude on private car use. Although some researchers have reported the relevance of MM approach, still few researches have explicitly studied on individuals' decision making processes. Therefore, the aims of the paper are to analyze the decision making process of individuals and to provide the basis of introducing MM approach in Korea. Structural equation model(SEM) is applied for the analysis of individuals' decision making process. A empirical study shows that psychological factors such as perception/attitude on global environment or individual norms impact significantly to reduce private car use and accordingly the relevance of introducing MM approach instead of imposing regulations or expanding transport facilities.

A Study on the Investment Determinants for Residential Real Estate Development by Investor Perspectives (주거용 부동산 개발을 위한 투자자 관점에 따른 의사결정 요인에 관한 연구)

  • Kwon, Jaehong;Lee, Jaewon;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.21 no.5
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    • pp.29-37
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    • 2020
  • This study analyzed the importance of factors according to the investor's perspective through a survey of residential real estate experts using AHP and fuzzy theory. Analysis results showed that rent, profitability, traffic accessibility, commercial and infrastructure, and financial regulation are important in common. By expert group, financial and credit groups cited profitability, rent, traffic accessibility, supply and tax benefits, construction and development groups cited traffic accessibility, rent, direct access, profitability, commercial area and infrastructure, and appraisal and evaluation groups cited rent, profitability, transportation accessibility, financial regulation and supply as the most important factors. This showed that it had a preference characteristic that was associated with work. In other words, it focuses most on the financial perspective in investment characteristics, and it values convenience such as accessibility to transportation and commercial districts and infrastructure as its location characteristics. In addition, it was found that easing financial regulations in the market is important to expand investment in real estate. This study aims to help the business feasibility analysis of residential property developers and rational decision-making of general investors who are consumers, taking into account the various perspectives of the expert group.

Foreign Entry Strategies for Korean Fishery Firms (한국수산업의 해외진출전략에 관한 연구)

  • 김회천
    • The Journal of Fisheries Business Administration
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    • v.15 no.1
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    • pp.131-153
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    • 1984
  • Fishery resources are still abundant compared with other resources and the possibility of exploitation is probably great. The Korean fishery industry has grown remarkably since 1957, and Korea is ranked as one of the major fishery countries. Its of fishery products reached the 9th in the world and the value of exports was 5th in 1982. But recently a growth rate has slowed down, due to the enlargement of territorial seas by the declaration of the 200 mile, Exclusive Economic Zone, the tendency to develop fishery resources strate-gically in international bargaining, the change in function of the international organizations, the expansion of regulated waters, the illegal arrest of our fishing boats, the rapid rise in oil prices, and the fall in fish prices, the development of fishery resources as a symbol of nationalism, the fishing boats decreptitude, the rise of crew wages, regulations on fishing methods, fish species, fishing season, size of fish, and mesh size, fishing quotas and the demand of excessive fishing royalties. Besides the the obligation of coastal countries, employing crews of their host countries is also an example of the change in the international environment which causes the aggravation of foreign profit of fishing firms. To ameliorate the situation, our Korean fishery firms must prepare efficient plans and study systematically to internationalize themselves because such existing methods as conventional fishing entry and licence fishing entry are likely to be unable to cope with international environmental change. Thus, after the systematic analysis of the problem, some new combined alternatives might be proposed. These are some of the new schemes to support this plan showing the orientation of our national policy: 1. Most of the coastal states, to cope with rapid international environmental change and to survive in the new era of ocean order, have rationalized their higher governmental structure concerning the fishery industries. And the coastal countries which are the objectives of our expecting entry, demand excessive economic and technical aid, limit the number of fishing boats’entry and the use of our foreign fishing bases, and regulate the membership of the international fishery commissions. Especially, most of the coastal or island countries are recently independent states, which are poorer in national budget, depend largely on fishing royalties and licence entry fees as their main resources of national finance. 2. Alternatives to our entry to deep sea fishing, as internationalization strategies, are by direct foreign investment method. About 30 firms have already invested approximately US $ 8 million in 9 coastal countries. Areas of investment comprise the southern part of the Atlantic Ocean, the Moroccan sea and five other sea areas. Trawling, tuna purse seining and five other fields are covered by the investment. Joint-venture is the most prominent method of this direct investment. If we consider the number of entry firms, the host countries, the number of seas available and the size of investment, this method of cooperation is perhaps insufficient so far. Our fishery firms suffer from a weakness in international competitive ability, an insufficiency of information, of short funds, incompetency in the market, the unfriendliness of host coastal countries, the incapability of partners in joint-ventures and the political instability of the host countries. To enlarge our foreign fishing grounds, we are to actively adopt the direct investment entry method and to diversity our collaboraboration with partner countries. Consequently, besides proper fishing, we might utilize forward integration strategies, including the processing fied. a. The enterprise emigration method is likely to be successful in Argentina. It includes the development of Argentinian fishing grounds which are still not exploited in spite of abundant resources. Besides, Arentina could also be developed as a base for the exploitation of the krill resources and for further entries into collaboration with other Latin American countries. b. The co-business contract fishing method works in American territorial seas where American fishermen sell their fishery products to our factory ships at sea. This method contributes greatly to obtaining more fishing quotas and in innovation bottom fishing operation. Therefore we may apply this method to other countres to diffuse our foreign fishing entry. c. The new fishing ground development method was begun in 1957 by tuna long-line experimental fishing in the Indian Ocean. It has five fields, trawling, skipjack pole fishing and shrimp trawling, and so on. Recently, Korean fisheries were successful in the development of the Antarctic Ocean krill and tuna purse seining. 3. The acceleration of the internationalization of deep sea fishing; a. Intense information exchange activities and commission participation are likely to be continues as our contributions to the international fishery organizations. We should try to enter international fishery commissions in which we are not so far participating. And we have to reform adequately to meet the changes of the function of the international commissions. With our partner countries, we ought to conclude bilateral fishery agreements, thus enlarging our collaboration. b. Our government should offer economic and technical aids to host countries to facilitate our firms’fishery entry and activities. c. To accelerate technical innovation, our fishery firms must invest greater amount in technical innovation, at the same time be more discriminatory in importing exogeneous fishery technologies. As for fishing methods; expanded use of multi-purpose fishing boats and introduction of automation should be encuraged to prevent seasonal fluctuations in fishery outputs. d. The government should increases financial and tax aid to Korean firms in order to elevate already weak financial structure of Korean fishery firms. e. Finally, the government ought to revise foreign exchange regulations being applied to deep sea fishery firms. Furthermore, dutes levied on foreign purchaed equipments and supplies used by our deep sea fishing boats thould be reduced or exempted. when the fish caught by Korean partner of joint-venture firms is sold at the home port, pusan, import duty should be exempted.

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Redefinition of the Concept of Fishing Vessel and Legislation Adjustment (낚시어선 개념의 재정립과 법제 정비에 관한 연구)

  • Yeong-Tae Son
    • Journal of the Korean Society of Marine Environment & Safety
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    • v.29 no.6
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    • pp.639-652
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    • 2023
  • The fundamental background behind the introduction of the fishing vessel system is to allow petty small fishers to engage in pure fishery business activities with fishing vessels during normal times and engage in fishing vessel business only during specific periods (closed fishing season, etc.) thereby granting a qualification as an auxiliary tool for the economic activities of petty small fishers. In addition, fishing boats are allowed to engage in excursion ship activities using fishing vessels registered under the Fishing Vessels Act, the form of fishing vessels should also have a general and universal structure that is practically easy to engage in fishing activities in the field in accordance with the relevant regulations. However, most fishing vessel proprietors are currently focusing only on increasing income, and rather than building fishing vessels in a reasonable form suitable for the original purpose of general fishing vessels, they prefer an abnormal hull form equivalent to expediency, that is biased hull structure biased toward the fishing vessel business. As a result, it is causing serious problems in safety management as well as conflict [damaging relative equity in government support measures (tax-free oil supply, etc.), and depletion of livelihood-type fish stocks] with fishing vessel forces who consider the fishing vessel business only to be a part of the side job among all fishery business activities. Meanwhile, the most fundamental cause of this problem is that the current Fishing Management and Promotion Act, limits the concept of fishing vessels to fishing vessels registered under the Fishing Vessels Act, and applies survey standards accordingly. Accordingly, in this study, through analysis of the distribution status of fishing vessels, structural characteristics, operation status of fishing vessels, and the government's fishing promotion policies, etc., the relevant laws (regulations) have been reorganized to suit the current reality of the concept of fishing vessels to separate the current fishing vessel from fishing vessels and operate it as a fishing-only vessel.

Characteristics of Red Wine Fermentation of Freeze-Concentrated Campbell Early Grape Juice using various Wine Yeasts (동결 농축 Campbell Early 포도 과즙의 무가당 적포도주 발효 특성)

  • Hwang, Sung-Woo;Park, Heui-Dong
    • Food Science and Preservation
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    • v.16 no.6
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    • pp.977-984
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    • 2009
  • Campbell Early grapes, the major grape variety in Korea, contain 13 - 15% (w/v) sugar, which is lower than that appropriate for fermentation of red wine. Therefore, chaptalization with sucrose is usually used to increase the sugar level to an extent adequate to produce a wine containing about 12% (v/v) alcohol. In the present study, fermentation of freeze-concentrated Campbell Early grape juice at $25^{\circ}Brix$ was investigated using several industrial wine yeasts including Saccharomyces cerevisiae OC2, S. cerevisiae Fermivin, and S. cerevisiae W-3. During fermentation, changes in the levels of soluble solids, alcohol, total acid, and yeast viable counts were investigated. Alcohol content reached maximal levels after 9 days of fermentation, and was 12.6% (v/v) when the Fermivin strain was used and 13% (v/v) when each of the OC2 and W-3 strains was used. No significant between-strain difference was found, except for slightly slower alcohol production and sugar consumption, and a higher total acid content when strain OC2 was used. Changes in the yeast viable counts were similar during fermentation. The physicochemical characteristics of Campbell Early wine prepared using freeze-concentrated juice were investigated by measuring the levels of total phenolic compounds, organic acids, acetaldehyde, and minor alcohols and assessment of color values. Similar levels of soluble solids and total phenolic contents were observed in wines fermented by the three different strains, but a higher level of total acid was noted in OC2-fermented wine and a lower level of alcohol in Fermivin-fermented wine. The highest level of malic acid and the lowest level of lactic acid were detected in Fermivin-fermented wine. Although the wines showed variable levels of acetaldehyde and minor alcohols, the concentrations of these materials were much lower than those mandated by legal regulations promulgated by the Korean National Tax Service. Red and violet colors in OC2-fermented wine were darker than those of W-3-fermented wine. In sensory evaluation, W-3-fermented wine obtained the highest scores for color and flavor. However, the best taste score was reported for the OC2-fermented wine, whereas Fermivin-fermented wine was awarded the highest score in overall acceptance.

A Study on the Evolution of the Holding and Utilizing System of Fisheries Resources in Korea (수산자원 소유.이용제도의 변천에 관한 연구)

  • 류정곤
    • The Journal of Fisheries Business Administration
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    • v.22 no.1
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    • pp.1-52
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    • 1991
  • This study deals with the evolutional history of the holding and utilization of fisheries resources in Korea. Fisheries resources have the basic characteristics of the density dependent self-regulating renewable and common property resources, Irrational utilization of fisheries resources is mainly due to the unlimited access to the resources. The holding and utilization of fisheries resources in Koryo era was opened to everyone. But it was nationalized in the early Yi Dynasty. The purpose of its nationalization was to provent the paticular powered-man with their monoplized holding and to levy fisheries tax. Eoeop-peop, the first modern fisheries law in Korea, was enacted as a part of the invasion policy of Japan in 1908. With the japanese annexation of Korea in 1910, the Japanese Government established a new institutional system of fisheries as a part of an overall reformation of the institutional for an implementation of the colonial policy. It was very the new enacted Fisheries Law (Gyogyorei). Also the Government enacted compulsorily another new Fisheries Law (Chosen Gyogyorei) with its adjunct laws and regulations revise the institutional system of fisheries on May 1, 1930. After Eoeop-peop enactment, the fisheries resources in Korea could be used only under the license, permission, and statement. After Korea was from Japan in 1945, Korea Government at last enacted the new fisheries law (Susaneop-peop) in 1953. The goal of Susaneop-peop was to achive the general usage and protection of the fisheries resources, and to attain the development and democratization of the fishery in Korea. This law was amended 13 times until 1990. The license fishery have a legal right on the fishery, called a fishery rigt. This right means a right of exclusive occupation and utilization of a unit of the inshore fishing grounds. The main evolutional issues of license fishery are as the following : 1) the foundation of the exclusive usable fishery right(1911, Gyogyorei), 2) the deletion of the settled U9space lift net and settled space sein net fishery, and the expansion of the cooperative fishery-No.1, 2, and 3 type cooperative fishery-(3rd amendment, 1963), 3) the deletion of the No.2 and 3 type cooperative fishery, and the separation of the culturing fishery in No.1 and 2 type culturing fishery (13th amendment, 1990). The effective period of the license fishery was amended as the following : 1) 1908(Eoeop-peop) : within 10 years, renovation system, 2) 1929(Chosen Gyogyorei) : within 10 years, unlimited extension system, 3) 1971. 7th amendment : 10 years, renovation system, 4) 1972. 8th amendment : 10 years, only 1 extension system, 5) 1975. 9th amendment : 5-10 years, only 1 extension system, 6) 1990.13th amendment : 10 years, within 10 years of total extensional years. The priority order of the fishery license was established in 1953 (Susaneop-peop). The amendment of it is as follows : 1) 1953. enactment \circled1 the fishing grounds that the fishery right is extablished 1st order : the existing fishery right man, unlimited renovation 2nd order : the corporate that the regional fisherfolk organized 3rd order : the rest experienced fishermen \circled2 new fishing grounds 1st order : the corporate that the regional fisherfolk organized 2nd order : the rest experienced fishermen 2) 1971. 9th amendment \circled1 the fishing grounds that the fishery right is established 1st order : the existing fishery right man, unlimited renovation 2nd order : the Eochongye that the regional fisherfolk organized 3rd order : the regional fishery cooperative that the regional fisherfolk organized 4th order : the rest experienced fishermen \circled2 new fishing grounds 1st order : the Eochongye that the regional fisherfolk organized 2nd order : the regional fishery cooperative that the regional fisherfolk organized 3rd order : the rest experienced fishermen 3) 1981. 10th amendment \circled1 the inside of No.1 type cooperative fishing grounds 1st order : the Eochongye that the regional fisherfolk organized 2nd order : the regional fishery cooperative that the regional fisherfolk organized 3rd orer : the rest experienced fishermen 4) 1990. 13th amendment \circled1 No.1 type cultural fishery 1st order : the Eochongye that the regional fisherfolk organized 2nd order : the regional fishery cooperative that the regional fisherfolk organized 3rd order : the rest experienced fishermen \circled2 No.2 type cultural and settle fisher : general priority order The effective period of the permission fishery was amended 6 timed. First, it was within 5 years and renovation system (Eoeop-peop). Now it is 5 years and renovation system. The effective period of the statement fishery was amended 4 times. First, it was within 5 years, and then was amended within 3 years(Chonsen Gyogyorei). Now it is 5 years.

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The Political-Economic of Capitalism and its Effects on Spatial Dynamics (도시공간의 변화에 내재한 정치${\cdot}$경제적 논리의 규명-서울시 도심재개발을 대상으로-)

  • Park, Sun-Mee
    • Journal of the Korean Geographical Society
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    • v.28 no.3
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    • pp.213-226
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    • 1993
  • In Korea, the urban studies of geography have mainly dealt with such a series of research as system of urban place and internal structure of urban area. The existing studies have been carried out with ecological approach. Ecologists, now a days, regard organiation and transfor-mation of the urban space as the process of invasion, succession, and segregation. However it is more proper that cities should be considered not as fragmantary objects, as some ecologists insist, but as synthetic ones in social structure. This research, with adopting a case of the renewasl of central area in Seoul, tried to make it clear that the formation and transition of the city is a product of social structure and examined polical and economic logic which exists in variation of urban space in detail. The results of this study are as follows; Urban renewal of central area is closely related with production and reproduction in capitalist society. In urban center, as business activities had increased since 1973 due to decen-tralization of production process, the necessity of reorganizing the land use in existing central area accordingly increased. The urban renewal program of central area in Seoul was inrroduced under such situation. The urban renewal of central area reflecting the capital logic has changed the central area with six hundred year's tradition. From the urban renewal of central area, not only was the central area, which traditionally had been mixed with various fun-ctions, simplified into the unitary area of busi-ness, but also physical landscape changed. As the land lot in renewal area expanded into regular shape, buildings became larger and taller. The program tremendously raised the price of related area. Aiming at these profits caused by the raised price, a great number of capitalists participated in the program. And as the benefit ratio of the manufacture sector continuously dropped with the economic recession, the pro-gram was carried out much more vigorously. That was because the idle capital accumulated during the recession was invested in property sector and was self-proliferated. The urban renewal raised the land value of central area and drove out the people living in this area. The people moved into the whole parts of the city resulting diffused squatter settlements. And the urban changes in central area were results of the policy of municipal authorities, who supported and systematized the changes lawfully and administratively, as well as reali-zation of capital logic. Due to the renewal policies of central area in Seoul, much more renewals by the only capitalists were carried out than those by the people themselves living in that area. The integration of land ownership in the law of urban renewal shows the reason of that. Moreover, the law allows the third deve-loper to participate in the tasks and admits the land expropriation rights. The municipal autho-rities guaranteed the profitability of the tasks through finacial aid, tax benifit, and relaxation of regulations for construction. As examined above, the changes in the land use of urban space have been led not by the ecological process of development of the city itself, but by the restructuring of capitalism and the intervention of the government authorities.

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A Study on the Legislative Conception of Terror of the Advanced European Nations (유럽 선진국의 법제적 테러 개념에 관한 고찰)

  • Kwon, Jeong-Hun;Kim, Tae-Hwan
    • Korean Security Journal
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    • no.15
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    • pp.29-50
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    • 2008
  • Many countries throughout the world have enacted laws on terrorism in the light of the changes that time has brought to them, geographical features, cultural values, and environmental elements. Especially some advanced European nations prescribe the definition of terrorism, the purpose of terrorism, the behavior of terrorism, and the types of crimes related to terrorism and so on for the following reason that it is more vital for the authorities concerned to investigate and punish terrorists after the rise of terrorism. In this regard, this paper analyzes legislative countermoves against terrorists of advanced countries such as France, Germany, and England and through this sheds light on the need of future anti-terrorism bills. The legislative basic guidelines directly to manipulate future terrors based on theories derived from this study could be summarized as follows. In the first place, providing laws on direct investigative power and harsher punishment to those involved in terrorism is a prerequisite for social security and thus the presidential directive of the state anti-terrorism action guidelines just deals with administrative measures without any effective response to terrorism. Hence it is urgent to make anti-terrorism bill concerning investigation and punishment of terrorists. In the second place, it is associated with the objectives of terror. The expression "all sorts of" stated in Korean law is so quite unclear that it can not fulfill the required conditions for naming it "crime". Comprehending provisoes of the crime that meets the purpose of the terrorists is necessary in order to investigate and inflict punishment on them. Therefore, it is advisable to establish specific and precise principles such as political, social, ideological, and religious purpose of terrorists in the bill. In the third place, to meet the flow of times of technicalization, informatization, such provisoes as destruction of electronic data system, crimes related to nuclear materials, purchases of weapons by terrorists, tax administration for prohibition of sale, and arson should be considered in terror bill. In the fourth place, nonselective attack toward unspecified individuals has become a serious issue in our society. Terrorists leave poisonous foods or beverages to crowded place or dump toxic chemicals into river intentionally. Therefore more strict regulations must be included in terror bill to prevent possible terrorist attacks.

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The Development of Coin Circulation Institutes and their Regional Impact during the Reign of King Hyojong(孝宗) (효종조(孝宗朝) 행전사목(行錢事目)과 행전책(行錢策), 성과와 한계)

  • JUNG, Suhwan
    • (The)Study of the Eastern Classic
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    • no.73
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    • pp.153-184
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    • 2018
  • The aim of this thesis was to examine the circumstances that led up to successful coin use across the entire nation in 1678 (the $4^{th}$ year of King Sukjong's reign), during the Joseon Dynasty. To this end, this thesis analysed the Sa-Mouk(事目, Provisions) that contained the institutional protocol for coin circulation, implemented by King Hyojong and the statesman Kim Youk(金堉) who had practical experience in these matters over the ten years of King Hyojong's reign(1649-1659). To regulate the problematic wide circulation of coarse cotton cloth as currency in the market of 1650 (the $1^{st}$ year of King Hyojong's reign), prohibition measures were implemented. Besides the superficial justification given for these measures(i.e., that the market price was disturbed by the use of coarse cotton cloth), there was another purpose to prohibiting the circulation of cotton cloth as money, following the standard ruled by the government: the state aimed to ensure momentum for the upcoming coin circulation policy, by strengthening its control of the current economy. In 1651 (the $2^{nd}$ year of King Hyojong's reign), the government fully cracked down on the use of coarse cotton cloth as currency, and simultaneously implemented its coin circulation policy in the Pyeongan(平安) region. The pretext for this policy was to raise finances to support people who were starving as a result of poor harvests and famine. People who received coins from government officials could purchase food in the market, and the coin circulation policy was judged to be successful. Subsequently, to extend coin circulation further throughout the region, the Sa-Mouk for Seoul was established. The Sa-Mouk included stipulations regarding the use of coin in transactions and for government expenditure; it aimed thereby to enhance the national policy's market credit. The hasty implementation of the policy for the expansion of coin circulation caused some problems that required its modification. In 1652 (the $3^{rd}$ year of King Hyojong's reign), coin circulation was increased to encompass the Gyeonggi(京畿) region, and some of the tax that had been paid in rice was now paid in coin. However, coins were in short supply, since there was insufficient copper, the main material used in coin production, and the policy faced a significant limitation. Therefore, in 1655(the $6^{th}$ year of King Hyojong's reign), a new Sa-Mouk for coin circulation was established. This Sa-Mouk included specifications regarding the determination of coin values based on rice and silver, and mandated the wide spread installation of stores for exchanging spot goods for coins throughout the region in which coins were circulating. This policy's objective was to secure stability for the national economy by further regulating coin circulation. The sustained implementation of the coin circulation policy for ten years by King Hyojong and the statesman Kim Youk offered the government an opportunity to accumulate experience in coin circulation in the market, and also to learn from institutional trial and error. This may have been one of the contributing factors to the nation-wide coin circulation that was established in 1678. The objective of the policy implemented during King Hyojong's reign was not to meet the market's requirements, but rather to ensure the preservation of the national economy, and this misjudgement constituted the policy's key limitation. At this time, the government urgently needed to secure finances to cope with the war against China's Qing Dynasty.