Assignment Subject : Korean Administration Theory Submitted by : rahimberdiyev sardorbek

Assignment

Subject : Korean Administration Theory

Submitted by :

RAHIMBERDIYEV SARDORBEK

Student ID : 201928016 , ( 2nd Semester )

Public Administration

Kangwon National University , Samcheok Campus .

Submitted to
Prof . Wang Jae-Sun
Department of Public Administration
Kangwon National University , Samcheok Campus .
Korean Administration Theory . Chapter 6.


Development of the budget system in Korea

Budget perspectives

-Economic budget
-Political budget

Stages of development of budgetary function in Korea ( 1948~present)

-Industrialization
-Democratization
-Globalization

1. 
   Industrialization
   

-Budget is as Essential instrument for initiating national economy in the period of rapid growth in 1960-70s

-Capital mobilization

2. 
   Democratization
   

-Fiscal democratization

3. 
   Globalization
   

-Financial crisis

-New ideologies like transparency and participation
-The Three Plus One reform


Resource allocation

The five year plan was begun to implement in 1962.

Defense from civil war was essential in that time.
The last five year plan was executed by Kim Youngsam and after 1996 it has never been implemented.
-Dramatic change towards welfare under Kim DAE Jung .
Characteristics of the budgetary system
General accounts, special accounts and special funds

There needs to be approvals of Assembly for General accounting and special accounting except special funds

A government budget—a plan of a nation’s revenues and expenditures within a given period—is a blueprint for national management, a distribution process for scarce resources, and a core means to reflect and meet political demands that vary among countries and time periods. Public finance encompasses a wide array of activities within the treasury—including not only the budget but also taxes in relation to revenues, settlements, and management of state assets—but these activities are mostly associated with the budget.

Public finance has three main functions: efficient allocation of resources, redistribution of income, and stabilization of the national economy. In a market economy, efficient allocation of resources is naturally achieved. As for public goods, however, its externality and non-excludability prevent efficient supply and allocation if left alone in the market, which is why the government is required to intervene. In addition, because efficient allocation of resources does not guarantee an equitable distribution of income among the citizens, the government redistributes income through public finance. Public finance also utilizes the monetary and fiscal policies to stabilize the economy.