우리나라의 現行 金産分離法制·政策에 대한 批判的 考察

In Korea, since the inaugural legislation of 「Banking Act」 in May 1950 until revision of the Act in December 1982, there were no judicial stipulation reflecting limitation on industrial capitalists’ ownership of financial capital, i.e. the separation policy of financial capital from industrial capitalist. In 1982, the separation policy of financial capital from industrial capitalist was adopted in the judicial system for the first time by revised legal system, and such legal system has passed through processes of being restrictive or lenient, up till now. President LEE Myung Bak’s Government relaxed financial regulation drastically for the sake of financial industry development. Especially for enhancing competitiveness of financial industry, the Government pursued relaxation policy of the separation policy of financial capital from industrial capitalists, by allowing industrial capitalists to own up to 9% shareholding of banks increased from 4% which used be the ratio allowed pursuant to previous law, by amending the Banking Act on October 2009. This action can be interpreted as the deregulation measure on industrial capitalists, securing efficiency in the financial industry by inducing participation of industrial capitalists and thus expanding the size of financial industry, as well as reflection of the opinion that “Excessive regulation is not consistent with the principle of free market economy in the Constitutional Law” as other various opinions on policies and legislations. However, since the PARK Geun-hye Government resumed restrictive separation policy of financial capital from industrial capitalists since from early days in office, as the so-called measure to democratize the economy. The concrete realization measures thereof appeared with lightning speed, as the draft Banking Act revision was passed by the National Assembly on July 2, 2013, reducing bank shareholding limit levied on industrial capitalists from 9% to 4%, and deleting the regulation on the advance qualification review etc. Therefore, the arguments on this re-legislation is just gaining momentum again. This thesis is basically in the position against tightening the separation policy of financial capital from industrial capitalists. In summary, supporters of the separation policy of financial capital from industrial capitalists mainly argue based on the logic that “Control of financial market by mega industrial capitalists may cause unsoundness in financial enterprises, and that financial capital added to already huge industrial capitalist may expanding the gap between the rich and the poor in market economy, and this is against the economic democracy”. But this logic leads us to the doubt on “Whether the soundness of financial enterprises were secured in those past days when the separation policy of financial capital from industrial capital was strongly exercised”. Furthermore, ever since the IMF bail out in 1998 up till now the domestic capital market has been in completed opened situation. While those mega capital held by domestic corporate as excess cash is restricted in proceeding into financial capital market due to the nature of source from industrial capitalists, to speculative foreign mega capitals free access to domestic financial capital market is allowed defenselessly, causing the phenomenon appearing whereby domestic financial market is subject to, and is governed by foreign capital. In some case, exit by such foreign capital from domestic financial capital market raises the concern that domestic financial capital market becomes unstable and devastated. These situation raises severe concern on “What would be the responding measures thereto, if realized”. Therefore, the response to those arguments seeking restrictive policy on separation of financial capital from industrial capitalists by jumping on the logic of ‘economic democratization’ without realistic measures, and the incumbent Government’s policies can only be an opposition, and this thesis raises opposition to the re-legislation which was processed in such argument of logic. This research thesis argues that such legal system and policy on separation of financial capital from industrial capitalists, lacking any corrective measures to the problems presented above, shall be discarded. Even in case the Government has any corrective measures thereto in place, this thesis demands that legislation policy shall be established, to relax separation policy of financial capital from industrial capitalists by understanding and fully accepting the tide of current age and the principle of free market economy.