South Korea is a modern, highly successful economy that also happens to be one of the most regulated among developed countries across some sectors. 

A Korea Pro analysis finds that the effects of such regulations include:

• Relative administrative simplicity and a state seemingly committed to supporting small and medium-sized domestic business but less committed to foreign investors
• The paradoxically supportive regulatory regime in some sectors facilitates the flow of goods and supports the trade in services, but also taxes highly (in the form of tariffs)
• Unusually high restrictionson access to professional service markets that are countered by price regulation