(1) The economic order of the Republic of Korea shall be based on respect for the freedom and creative initiative of enterprises and individuals in economic affairs.
(2) The state may regulate and coordinate economic affairs in order to maintain a balanced growth and stability of the national economy, to ensure proper distribution of income, to prevent domination of the market and abuse of economic power and to democratize the national economy through harmony among the economic agents.

(1) Licenses to exploit, develop or utilize minerals and all other important underground resources, marine resources, water power, and natural powers available for economic use may be granted for a period of time under the conditions as prescribed by Act.
(2) The land and natural resources shall be protected by the state, and the state shall establish a plan necessary for their balanced development and utilization.

(1) The state shall endeavor to realize the land-to-the-tillers principle with respect to agricultural land. Tenant farming shall be prohibited.
(2) Leasing of agricultural land and consignment management of agricultural land to increase agricultural productivity and to ensure rational utilization of agricultural land or due to unavoidable circumstances, shall be recognized under the conditions as prescribed by Act.

The state may impose, under the conditions as prescribed by Act, restrictions or obligations necessary for efficient and balanced utilization, development and preservation of the land of the nation that is the basis for the productive activities and daily lives of all citizens.

(1) The state shall establish and implement a plan to comprehensively develop and support the farm and fishing communities in order to protect and foster agriculture and fisheries.
(2) The state shall have the duty to foster regional economies to ensure the balanced development of all regions.
(3) The state shall protect and foster small and medium enterprises.
(4) In order to protect the interests of farmers and fishermen, the state shall endeavor to stabilize the price of agricultural and fishery products by maintaining an equilibrium between demand and supply of such products and improving their marketing and distribution systems.
(5) The state shall foster organizations founded on the spirit of self-help among farmers, fishermen and businessmen engaged in small and medium industry and shall guarantee their independent activities and development.

The state shall guarantee consumer protection movements intended to encourage sound consumption activities and improvement in the quality of products under the conditions as prescribed by Act.

The state shall foster foreign trade, and may regulate and coordinate it.

Private enterprises shall not be nationalized nor transferred to ownership by a local government, nor shall their management be controlled or administered by the state, except in cases as prescribed by Act to meet urgent necessities of national defense or the national economy.

(1) The state shall strive to develop the national economy by developing science and technology, information and human resources and encouraging innovation.
(2) The state shall establish a system of national standards.
(3) The President may establish advisory organizations necessary to achieve the purpose referred to in paragraph (1).