[Column] Kim Jong-in Reveals True Intentions on Economic Democratization

[Asia Economy Reporter Lee Ji-eun] 'Widely recognized as Mr. Economic Democratization.' This is what Lee Nak-yeon, leader of the Democratic Party of Korea, said about Kim Jong-in, the emergency committee chairman of the People Power Party. He has a unique history of leading election victories by switching between the Grand National Party in 2012 and the Democratic Party of Korea in 2016. Although criticized as a 'political migratory bird,' he dismisses this as simply following his conviction on economic democratization.

It may be natural that he expressed his intention to "agree with some parts" of the Democratic Party's proposed amendments to the Commercial Act and the Fair Trade Act. This signals that the People Power Party, which has consistently maintained a pro-business stance, might change its position depending on the issue. Kim, who calls himself a missionary of economic democratization, clearly does not have a pro-business view. In his book, he revealed a reformist tendency by stating that "structural improvement of conglomerates is necessary."

Then, based on Kim's tendencies, can the People Power Party appropriately respond to the issue of economic democratization? It is still uncertain how much the major party members, who have been criticized for their pro-chaebol stance in the past, will respond. Kim has continuously criticized former President Park Geun-hye, saying, "After being elected, the promise to implement economic democratization was not kept," pointing this out as one of the reasons for losing public trust.

It is also a stark reality that there are quite a few voices opposing Kim within the party. Although not openly expressed, some senior members have voiced dissatisfaction, asking, "What is Kim's policy line?" Kim himself has acknowledged this point. The issue is whether the People Power Party has the capacity not only to cooperate with the Democratic Party's economic democratization bills but also to lead the issue. To avoid being dragged along by the Democratic Party's agenda, the People Power Party needs to prepare its own alternatives. Managing corporate backlash is also an important task, as it cannot easily abandon its traditional pro-business conservative color.

Concerns about his 'autocratic leadership' are gradually emerging within the People Power Party. Representative Jang Je-won pointed out that "autocratic leadership is becoming entrenched," and Representative Cho Hae-jin warned that "he acts separately from the party caucus." While change is necessary, change based on autocratic leadership could lead to another failure like eight years ago.

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