Business Quote by Daniel Tudor
““Because each person was only allowed to convert a maximum of 100,000 won (around US$30–40 at the time, according to black market rates). Anyone holding a sum greater than that—as someone engaged in business naturally would—saw their savings wiped out.””
About This Quote
Source Book: The Rise of the Korean Economy, 2011
Currency controls limited personal wealth, causing large savings to be confiscated under strict limits.
In simple terms: Money caps hurt savers.
Beware of restrictive financial policies.
Themes
Mood
Type
When to use this quote
- personal finance
- investment planning
- policy analysis
Key Concepts
Questions to Reflect On
- What alternatives exist to protect savers?
- How do black markets affect everyday people?
Such caps can also protect economies from hyperinflation.