Sustainable entrepreneurship: Agrarian policy in South Korea

Abstract

This paper focuses on the issues of sustainable entrepreneurship using an example of South Korea (also known as the Republic of Korea). Mainly, it is tackling the problem of preserving the vulnerable agricultural sector and its social structure according to South Korean general course for increasing the openness of the economy. We build upon the historical approach, economic and comparative analysis in order to classify and formulate the features of the South Korean agrarian model. Moreover, we analyze how this model is applied for the stages of the state agricultural policy, including the foreign trade component, domestic support measures for agriculture. Our results reveal the importance of the gradualness and flexibility of the transition to a market efficiency model with the active use of non-market methods and the preservation of selective protection of the domestic market from commodity imports. It becomes apparent that following the FAO approaches to the concept of food security, South Korea uses the policy of combining self-sufficiency and imports, increasingly diversifying the structure of consumed food products.