SEOUL 2017

Economic Freedom: Road to Prosperity Mont Pelerin SocietySEOUL 2017 Regional Meeting May 7 – 10, 2017 Seoul, Korea www.mps2017seoul.com

WelcomeDear MPS MembersKorea is honored to be the host of the “2017 Mont Pelerin Society Regional Meeting in Seoul”.We will meet in Seoul, the capital city of Korea. The meeting will be held from May 7~10,2017. The year 2017 is very meaningful for MPS as well as for Korea. For MPS, it will be its70th anniversary and for Korea, it is the year of Presidential Election in December. It will be anopportune time for a vigorous debate of several subjects within the overall theme, “EconomicFreedom: Road to Prosperity”. We also will open some sessions on the “Korean economy inthe world”. You are more than welcome to share your insights with the Korean economistsand public on how to revitalize the Korean Economy.We hope MPS members and partners will act early to plan their attendance at the meeting,the first MPS event in Korea.Spring is the most beautiful season in Korea and you are more than welcome to enjoy thenature’s wonder with us.We look forward to seeing you in Seoul! Kyu-Jae Jeong, Tae-shin Kwon, Inchul Kim Co-Chairs, Organizing Committee The 2017 Mont Pelerin Society Regional Meeting in SeoulCommittees Program Committee Organizing Committee Pedro Schwartz(Chair) Jeff ClarkKyu-Jae Jeong(Co-chair) Ed FeulnerTae-shin Kwon(Co-chair) Inchul KimInchul Kim(Co-chair) Yoshinori ShmizuHong Yeol Kim Richard WongYoungsul Kwon(Secretary General)

MPS PROGRAM 2017Sunday, May 718:00 INAUGURATION · Opening Reception & Dinner · MPS Presidential AddressMonday, May 8 OPENING CEREMONY 09:00 – 09:40 · Welcome Address: VIP 10:00 – 11:20 · Keynote Speech: Dr. Vaclav Klaus, Former President of Czech Republic (Market Capitalism) SESSION 1: Free Market Capitalism and Welfare 11:30 – 12:20 12:20 – 13:50 · Speaker 1: Prof. Arnold Harberger (Free Market System for Emerging Economies) 14:00 – 16:20 · Speaker 2: Prof. Herbert Grubel (Determinants of Economic Freedom) 16:30 – 17:20 · Speaker 3: Dr. Yaron Brook (Morality of Capitalism) 18:00 – 20:00 SESSION 2: Growth and Inequality · Speaker 1: Dr. Mark Skousen (Productivity: Austrian Economics) · Speaker 2: Dr. Nils Karlson (Modern Statecraft: How to Liberalize) Luncheon · Speaker: To be confirmed SESSION 3: Welfare and Taxation · Speaker 1: Prof. Roberto Lawson (Freedom & Welfare: Taxation in the Classical Liberal Tradition) · Speaker 2: Prof. Benjamin Powell (Freedom & Welfare: Minimizing Taxation in Minimal State) SESSION 4: Concurrent Breakout Sessions · Chair for Session 1: To be confirmed · Chair for Session 2: To be confirmed · Chair for Session 3: To be confirmed Dinner · Speaker: To be confirmedTuesday, May 9 SESSION 5: Global Financial Economy 09:00 – 10:20 · Speaker 1: Dr. Jacob A. Frenkel (Global Economic System: Challenges and Prospect) · Speaker 2: Prof. John B. Taylor 10:30 – 12:00 · Speaker 3: Dr. Jerry Jordan (Central Banks & National Currencies) 12:20 – 13:30 SESSION 6: Free Market and Entrepreneurship 13:30 – 14:20 · Speaker 1: Prof. Israel Kirzner (Ethics of Pure Entrepreneurship) · Speaker 2: Prof. Lars Peter Hansen (2013 recipient of the Nobel Memorial Prize in Economics) · Speaker 3: Prof. Vernon Smith (2002 recipient of the Nobel Memorial Prize in Economics) Luncheon · Speaker: To be confirmed SESSION 7: Korean National Security and Unification · Speaker 1: Gen. Burwell B. Bell · Speaker 2: To be confirmed

14:30 – 15:50 SESSION 8: Korean Economy in the World16:00 – 16:5017:00 – 17:50 · Speaker 1: Dr. Randall Jones (Korea’s Economic Miracle: Government-led or Market-driven?)18:20 – 20:00 · Speaker 2: Prof. Lal Deepak (Evaluating the Korean Growth Model: Implications for Developing Economies in the 21st Century) · Speaker 3: Prof. Tae-Ho Bark (The Role of Korea in the Economic Integration of the Asia-Pacific Region) SESSION 9: Democracy and Market Economy in Korea · Speaker 1: Dr. Jin Kwon Hyun(Economic Democratization: Political Menace to the Market Economy ) · Speaker 2: Prof. Jae Wook Ahn(Regulatory Reform as Growth Engine) SESSION 10: Concurrent Breakout Sessions · Chair for Session 5: To be confirmed · Chair for Session 6: To be confirmed · Chair for Session 7: To be confirmed · Chair for Session 8,9: To be confirmed DINNER · Speaker: To be confirmedWednesday, May 1017:00 – 17:50 Excursion18:00 – 20:00 · DMZ (The Korean Demilitarized Zone) Tour Farewell Gala Dinner · Speaker: To be confirmedNotable Members of Mont Pelerin SocietyNobel Prize WinnersFriedrich von Hayek Milton FriedmanEconomics 1974 Economics 1976George Stigler James M. Buchanan Maurice AllaisEconomics 1982 Economics 1986 Economics 1988Ronald Coase Gary Becker Vernon SmithEconomics 1991 Economics 1992 Economics 2002

Wednesday Excursion Historical Background The surrender of Japan in 1945DMZ(Demilitarized Zone) Tour at the end of Pacific War saw the division of Korea by the 38th parallelDeparture: 8:30 A.M. Return: 3:00 P.M. line when the US and the SovietDMZ is a buffer zone between Union moved into Korean Peninsula.two Koreas, bisecting the Korean The division line was intended toPeninsula. DMZ has been the most be a temporary political border, butpopular tourist spot of Korea for the failure to hold a free electionforeigners since the fall of the Berlin throughout the peninsula in 1948 deepened the division betweenWall in 1989. The purpose of the the two sides. The North Korean tanks crossed the 38th line at thezone is to prevent the recurrence of dawn of June 25, 1950. The war lasted for three years and anotherwar between North & South Korea. month to cost more than two million people's lives. The ceasefireThe zone ranges 1.25 miles north and south respectively from agreement was signed at Panmunjom on July 27, 1953. Thethe ceasefire line of 1953. The land stretches across the Korean armistice, not a peace treaty, is still in effect today.Peninsula 155 miles from the mouth of Han River to the EastCoast. It’s one of the most well-preserved wild-life refuges wherepeace and tension coexist. The President of Korea, Park Geun-hye,is pushing to build a “peace park” in the DMZ as a new symbol ofpolitical reconciliation and ecological conservation.Social Program For Accompanying GuestsGyeongbokgung Palace & Insa-dong Tour N Seoul Tower & Kimchi MakingMonday, May 8 Tuesday, May 9Lunch included Lunch includedDeparture: 10:00 A.M. Return: 3:00 P.M. Departure: 10:00 A.M. Return: 3:00 P.M.Gyeongbokgung Palace N Seoul TowerGyeongbokgung Palace is one of the oldest of the five palaces in N Seoul Tower, which is on top of the Namsan Mountain, isSeoul. It is such a great and magnificent building as it represents 479.7 meters high. It is the 2nd tallest tower of the world.Joseon Dynasty. It shows off the beauty of its construction. It can When you go up to the observatory, you will see the fabulousbe an emblematic tour for foreigners to understand the tradition panorama of Seoul. Also, N Seoul tower has a beautiful nightand history of Korea. You will see some remarkable pavilions like view, so you will see the beautiful scenery as well as otherKyunghoiru and Hyangwonjung, and beautiful wooden and stone notable external views from this representative land mark ofstructures like Kyungcheonsaji 10-story tower. Along with a tour seoul.guide, you will also see Kyotaejeon and Kangnyungjun palaceswhere you can experience the life of noble people. Kimchi Making Join the tour for a hands-on experience. Kimchi is a traditionalInsa-dong fermented vegetable dish which is the most basic side dishWhen foreign celebrities visit Korea, they always stop by this area; at every Korean meal. It is not only fun, but an excellentthe most Korean-styled avenue-Insa-dong. Not only hundreds opportunity to learn about Korean culture and dietary life.of art galleries are there, but also dozens of traditional handcraftshops, antique art markets, and traditional tea houses. Thanks tothe development of modern civilizations, many foreign Coffeeshops and restaurants have positioned around this place, yet thisarea follows the convention to use Korean on their gate signs.Gyeongbokgung Insa-dong N Seoul Tower Kimchi

HotelMain HotelMillennium Seoul Hilton HotelMillennium Seoul Hilton is located at the foot of Mt. Namsan,close to the business, cultural, historic and shopping sites ofSeoul. The hotel has seven floors of executive floor rooms,suites and lounges. There are five on-site restaurants, a deli, anda bar that offer an array of international and local cuisine andpremium drinks. The hotel also boasts 20,863 ft2 of meetingand event space, an 8,000 ft2 fitness centre, swimming pool,state-of-the-art spa complex and a 24-hour casino.Directions From the Incheon International AirportTake the AREX Express high speed train to Seoul Station, andtransfer to the hotel’s complimentary shuttle bus. Or take theAirport KAL Limousine bus line #2 (Route 2 Namsan Area) fromthe airport’s KAL Limousine bus stop 4B or 11A. Distance fromHotel: 42 mi. Drive Time: 60 min.MILLENNIUM SEOUL HILTON 50, Sowol-ro, Jung-gu | Seoul, Korea04637 T: +82 2 753 7788 F: +82 2 754 2510 E: [email protected] hotel: offers special rate for MPS Meeting participantsImperial Palace Boutique HotelImperial Palace Boutique Hotel is a brand new hotel whichopened in 2010. For 2.5 mile distant from the main hotel, it takesfor 10~15 minutes by taxi or shuttle bus. The hotel is located inItaewon, which is well-known as the “best place” for foreigners.Imperial Palace Boutique Hotel is a 12-story building with5-story basement with 133 guestrooms and one café restaurantand one convention room. Especially, all guestrooms areequipped with amenities as iPod(MP3) station.Imperial Palace Boutique Hotel offers a new trendy lifestyle Boutique Hotel is only three minutes away from the Itaewonfor guests in its creative, young and vital spot with an urban- subway station exit #2, across from the Cheil Worldwide. Also,like sense, unique design and dramatic ambience. Each floor a limousine bus station for the Incheon International Airportand guestroom is an artistic cultural space of its own with is located right across the hotel. Hannam and Banpo Bridge,the special design concept and the hotel plays its vital roles Gangbyeon and Olympic Expressway are in close proximityas a social space for the latest trendsetters and a one-of-a- for convenient access both to Gangnam (southern district)kind cultural and artistic space for enjoyment and relaxation. and Gangbuk (northern district) areas in Seoul. Address: 221,The hotel not only offers a memorable experience for foreign Itaewon-ro, Yongsan-gu, Seoul, Koreaguests, but also for business travelers after business thanks toits convenient location and chic atmosphere. Imperial PalaceThe Organizing CommitteeThe 2017 Mont Pelerin Society Regional Meeting in Seoul14th Floor, The Korea Economic Daily www.mps2017seoul.com email: [email protected] Cheongpa-ro, Jung-go, Seoul, 100-791, Korea