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Social trust in government and its socioeconomic effects in Korea

In: Social Trust and Economic Development

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Abstract

Chapter 7 investigates social trust in government as well as its concept, determinants, effects, measurements, and enhancement. Trust in government in Korea, which has been declining and seriously low, affects the economy by influencing transaction costs, investment decisions, future-oriented government programs, and structural reforms. It also affects social development through its effects on government policies, interpersonal trust, and compliance with the rule of law. Trust in government is determined by competence and the ethical value (corruption) of government operations. The Korean government has performed poorly related to all of the components of government competence. Corruption is especially high, caused by culture and institutional infrastructure. Korea’s salient culture and strong group society lead group members to help and support each other beyond legal boundaries. Law-abiding institutions, such as the rule of law, high quality regulations, and a fair legal system, have not been adequately developed. Policy suggestions to control corruption include firm and fair implementation of the new anti-corruption act, regulatory reforms, and adequate punishment for corruption.

Suggested Citation

  • ., 2019. "Social trust in government and its socioeconomic effects in Korea," Chapters, in: Social Trust and Economic Development, chapter 7, pages 205-250, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16629_7
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