An Austrian Analysis of the Korean Economy

An article that's not only good for understanding the Korean economic situation, but also a handy introduction to the Austrian School, by Matthew Smith — Korea turned from saver to debtor. An excerpt:

There is nothing wrong with low interest rates if the market has determined the low rate. A market determines an interest rate based on the relationship between the supply of money (deposits) and the demand for money (loans). In a fundamentally sound economy, lending and growth comes from savings and investment. In an unsound economy, it comes from the central bank manipulating the interest rates.