Regulatory reform has been a regular slogan in every new administration over the past three decades. In the four years of the Moon administration, 3,919 cases of regulations were motioned, three times the 1,313 cases in the conservative Park Geun-hye administration. On a visit to an event on regulatory reforms to allow internet-only banks, he emphasized that regulations should be removed to expand the scope of banks.īut his promise to get rid of the red flags was in vain. This is what President Moon Jae-in said in August 2018, the second year of his term. In the end, the automobile industry that started in Britain fell behind Germany and America due to regulations.” At the peak of steam engine-powered automobiles, England stuck with the law to protect carriage drivers. People waved a red flag in front of an automobile to keep the speed of the car the same as the speed of carriages.

“At the end of the 19th century, England had a red flag traffic law. The author is the head of the industry 1 teamof the JoongAng Ilbo.

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