Politics Hinders Economy... Need 'Jeongchiga' Not 'Jeongchikkun'

The political sphere that fights all the time

Populist policies chasing votes

are ultimately ruining the economy

Just as a bird flies with two wings

Progressives and conservatives must move forward together

Former Deputy Prime Minister for Economic Affairs Jin Nyeom is being interviewed on the 9th at the Chosun Hotel in Jung-gu, Seoul. Photo by Jang Jin-hyung aymsdream@

[Asia Economy, Reporter Joo Sang-don] Former Deputy Prime Minister for Economic Affairs Jin Nyeom unhesitatingly pointed to 'backward politics' as the biggest obstacle to the Korean economy. He noted that while the economy has entered the ranks of developed countries, politics still remains stuck in the industrialization era of the 1960s and 1970s.

Former Deputy Prime Minister Jin said, "Politics fundamentally should provide comfort and stability to the people, but when you look at our political sphere, they are always fighting," adding, "Whether you like it or not, just as a bird flies with two wings, progressives and conservatives must move forward together even if they fight." He emphasized that politics should lead social harmony rather than division, but it is failing to do so. During his tenure as Deputy Prime Minister, when asked at the National Assembly's Finance and Economy Committee (now the Planning and Finance Committee), "As the person responsible for economic policy, what do you think is the biggest obstacle?" he answered, "The National Assembly." This was because the government could not perform its duties due to endless political disputes for the sake of argument. More than 20 years have passed since then, but unfortunately, the judgment that "politics is holding back the economy" has not changed.

During his time as Deputy Prime Minister, he proposed to the president the holding of a ruling-opposition-government policy forum for a 1-night, 2-day open debate on political issues. This actually took place on May 19, 2001, starting at 4 p.m. at the Cheonan Information and Communication Public Officials Training Center. The open debate lasted nearly 13 hours until the next day. Through this, agreements were reached on six major areas: corporate restructuring, financial restructuring and recovery of public funds, stabilization of ordinary citizens' livelihoods and resolution of regional imbalances, national debt management, improvement of the corporate environment, and enhancement of national competitiveness. Former Deputy Prime Minister Jin said, "This policy forum gave urgent economic issues strong momentum for resolution," adding, "Bills that needed to be passed quickly for economic recovery were often stalled due to political obstacles based on party interests, but through frank dialogue among the three parties, solutions were found."

He also expressed concern that politicians chasing votes create populist policies, which ultimately damage the Korean economy. Former Deputy Prime Minister Jin said, "In Germany, political discussions are already underway on how to freeze the minimum wage and secure labor flexibility after the COVID-19 pandemic," but "our political sphere cannot even utter a word about this, fearing loss of votes, and instead only talks about the basic income system."

He said that what is needed is not a 'statesman' but a 'politician.' Former Deputy Prime Minister Jin explained, "A statesman is someone who only chases votes during elections. A politician is someone who can act for the future of the country and its people. A representative figure is former German Chancellor Gerhard Schr?der," adding, "Although his support base was the working-class Social Democratic Party, he implemented the Hartz reforms, which expanded labor flexibility and reduced labor welfare."

This labor market reform is credited with driving employment improvement and economic recovery, helping Germany escape long-term stagnation. However, due to this reform, the Social Democratic Party lost power to Chancellor Angela Merkel's Christian Democratic Union.

Former Deputy Prime Minister Jin said, "When Chancellor Schr?der implemented labor reforms, Social Democratic Party officials warned, 'We will lose the election if we do this,' but he pushed it through," adding, "Chancellor Schr?der made decisions thinking about Germany's future, not votes, and can be considered a true example of a politician."

This content was produced with the assistance of AI translation services.