WHEAT IMPORTS AND CHEAP FOOD POLICY IN KOREA
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In September 1983, the Korean government changed the wheat policy towards import dependence by lifting all support systems for domestic wheat production. The transformation of the wheat policy is basically grounded in the comparative advantage which emphasizes the cheap food policy with the assumption that food prices are an essential component of wage decisions, therefore a high level of food prices cause the rise in wages of the urban workers and reduces economic growth. To justify the cheap food policy, at least it should be proved to be true that the policy direction is beneficial to the overall economy.
In this context, the focus of this study is centered on the effects of wheat imports on domestic production, and the contribution of cheap food policy to economic growth with regard to wage decisions.