With regard to conventional theory, the rate of profit is determined by the interaction between the rate of surplus value and the organic composition of capital. And it declines with the capitalistic development through intensifying the organic composition of capital. According to the empirical test, the rate of profit and the rate of surplus value have been decreased. On the contrary, the organic composition of capital have increased during the period under study. The empirical results of the

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... ate of profit in Korean economy appears to hold the principle of the law of the tendency of the rate of profit to fall. But the trend of the determinants is distinct from the conventional theory. Despite the distinctive empirical results, the law of the tendency of the rate of profit to fall is realized in Korean economy in objective period of time.