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Beginning with the year 2000, the political society of South Korea has undergone a development towards more transparency. The increasing emergence of civil organizations as well as their new-orientation favoured the development of an alternative “online-public” which tries to mediate between the public’s interests and the state. The influence of this online-public, who profits from the fast and various ways of communication via internet, is best shown by some successful examples of online-action in the economic and the political sector. This gives credence to Dick Morris’ postulated rise of the internet to be the “fifth power” of the state.
The authors analyze the reasons for the establishment of a regulatory regime for international financial markets in accordance with the ideas of liberal internationalism. They argue that the system of international markets is affected by polymorphy, indicating the existence of different forms of regulation. Five factors produce this polymorphy: the non-existence of a homogenous object of steering, the dynamic nature of these objects, the fact that the purpose of governance is not clearly defined, the dominance of governance by the USA and Great Britain, and governance as a result of a multi-level game with various coalitions.