The Korean government, increasingly, is looking for ways to project small enterprises, often, with disregard for consumers. A recent regulation on book sales is a key example.
A new regulation allows booksellers to, only discount from the cover price by up to15% with 5% of the discount via a bookstore membership scheme. The new regulation does not distinquish between recently released books and older books.
The law has led to some stores to discount books by as much as 90% and for customers to drastically increase the number of books purchased before the enactment of the law late next week.
The purpose of the law, facially, is to protect small stores from online discount vendors and mega bookstores. Many consumers are up in arms.
What do you think?
- Fines by the Korea Fair Trade Commission Increases for Abuse of Market Position and Unfair Trade Practices in Korea
- Korea Companies Defendants in Anti-Dumping Lawsuits Second to Only China: Check the Veracity of Data Produced by Korean Companies
- Korea Fair Trade Commission to Investigate Korean Chaebols
- Korean Distributor Sales Territory or Customer Restrictions in Korea: Korean Distributor law Agreements in Korea
- Finding a Korean Distributor: Top 10 Things to Know Before you Jump into Bed with an Agent in Korea
- Abuse of Market Dominance in Korea: Competition Law in Korea
- Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 28, 2014
- Nonghyup Sues Korea Fair Trade Commission at Seoul High Court
- Fiscal Transparency in International Business: International Business Structures
- Apple vs. Samsung: “Koreans are furious at China for copying our products. But when Korea does the same, Koreans defend the action. That is a highly distorted form of patriotism. When a company takes the wrong path, it is the public’s job to correct it.”