Introduction of Uniform Land Tax Law

The Korean economy was in a very bad shape by the 17th century and to rectify this state Chief State Councilor Yi Won-ik gradually introduced previously ignored reforms in the tax system. The tribute tax levied against households was replaced with a unified tax on arable land. The tax on goods was limited to a quota which let enterprising peasants and wholesalers make and sell surplus goods. The net effect was lower taxes for peasants, increased revenues for the state and a rise in commerce.