The Economy

Article 119  [Regulation and Coordination]
(1) The economic order of the Republic of Korea is based on a respect for the freedom and creative initiative of enterprises and individuals in economic affairs.
(2) The State may regulate and coordinate economic affairs in order to maintain the balanced growth and stability of the national economy, to ensure proper distribution of income, to prevent the domination of the market and the abuse of economic power, and to democratize the economy through harmony among the economic agents.
 
Article 120  [Natural Resources]
(1) Licenses to exploit, develop, or utilize minerals and all other important underground resources, marine resources, water power, and natural powers available for economic use may be granted for a period of time under the conditions as prescribed by law.
(2) The land and natural resources are protected by the State, and the State establishes a plan necessary for their balanced development and utilization.
 
Article 121  [Agriculture]
(1) The State endeavors to realize the land-to-the-tillers principle with respect to agricultural land.  Tenant farming is prohibited.
(2) The leasing of agricultural land and the consignment management of agricultural land to increase agricultural productivity and to ensure the rational utilization of agricultural land or due to unavoidable circumstances, is recognized under the conditions as prescribed by law.
 
Article 122  [Land Laws]
The State may impose, as under the conditions prescribed by law, restrictions or obligations necessary for the efficient and balanced utilization, development, and preservation of the land of the nation that is the basis for the productive activities and daily lives of all citizens.
 
Article 123  [Farming and Fishing]
(1) The State establishes and implements a plan to comprehensively develop and support the farm and fishing communities in order to protect and foster agriculture andfisheries.
(2) The State has the duty to foster regional economies to ensure the balanced development of all regions.
(3) In order to protect the interests of farmers and fishermen, the State endeavors to stabilize the prices of agricultural and fishery products by maintaining an equilibrium between the demand and supply of such products and improving their marketing and distribution systems.
(4) The State fosters organizations founded on the spirit of self-help among farmers, fishermen, and businessmen engaged in small and medium industry and guarantees their independent activities and development.
 
Article 124  [Consumer Protection]
The State guarantees a consumer protection movement intended to encourage sound consumption activities and improvement in the quality of products under the conditions as prescribed by law.
 
Article 125  [Foreign Trade]
The State fosters foreign trade, and may regulate and coordinate it.
 
Article 126  [No Socialization]
Private enterprises may not be nationalized nor transferred to ownership by a local government, nor shall their management be controlled or administered by the State, except in cases as prescribed by law to meet urgent necessities of national defense or the national economy.
 
Article 127  [Innovation, Standardization]
(1) The State strives to improve the national economy by developing science and technology, information and human resources, and encouraging innovation.
(2) The State establishes a system of national standards.
(3) The President may establish advisory organizations necessary to achieve the purpose referred to in Paragraph (1).