Eminent Domain Laws in Korea: An Overview with Policy Suggestions

This paper provides an overview of the system of takings in Korea with policy suggestions from a law and economics perspective. The entire structure of legal institutions related to eminent domain is briefly discussed, with focuses on the basic principles of takings law that have been advocated by academics and field experts. Two topics are subsequently examined in slightly more detail along with criticisms if necessary. First, the procedural aspects of takings are discussed with an emphasis on fulfilling the public interest criterion and maintaining the attentive manner to potential condemnees over all stages of a taking. Second, explanations are provided on how the amounts of compensation are generally made in terms of preserving fairness in compulsory purchases of private properties. Although the body of takings law involves other substantive issues, these two topics contribute to the most critical components governing the eminent domain system of a country. The paper concludes with basic recommendations for policy makers who intend to find a balance between the government’s need for land and the protection of private property rights.