Although informational requirements for efficient economic policy making have become increasingly difficult to maintain, Korean policy markers, including economists who are accustomed to the mind-set of the past regime still assert that they can and should manage the economy down to the finest details. These economists believe they can and should regulate the deregulation process. This mentality severely impedes the process of economic reform and liberalization. To compound this problem, many private economic agents have lost their sense of independence and fear that liberalization may create chaos. Thus, they often seek government intervention, even in the affairs of the private sector, and ask the government to 'control the process of economic liberalization'. For example, it was the Korean government which made decisions for commercial banks over such issue as how much to lend to what important business and at what interest rates. Indeed, even during the process of financial liberalization, before the financial crisis of 1997, the commercial banks were asking for government intervention through guidance on how to manage banking businesses.