'Populism Politics' Buy First, Plan Later... Market Emerges with Presidential-Level Pledges Galore

[D-14, 4·7 By-elections In-depth Analysis] ③ The Temptation of Populism

[Asia Economy Reporters Ryu Jeong-min and Jeon Jin-young] "We will underground the section of the Gyeongbu Expressway from Seoul Yangjae to Hannam Bridge.", "We will underground the aboveground sections of Subway Lines 1 to 9.", "We will spend 100 trillion won to dig tunnels."

These are the ‘development pledges’ pouring out from both ruling and opposition parties ahead of the April 7 by-elections. The plan to move the Gyeongbu Expressway, located on the ‘golden land’ of Gangnam, underground and create housing and parks on the site is directly linked to the increase in real estate value for local residents.

The Gyeongbu Expressway underground project proposed by Park Young-sun, the Democratic Party candidate for Seoul mayor, is not a new idea for the April 7 by-elections. Projects such as undergrounding the Dongbu Expressway, double-decking and undergrounding Olympic-daero and Gangbyeonbuk-ro have also been repeatedly mentioned by candidates during major Seoul elections.

On February 10, the day before the nation's biggest holiday, the Lunar New Year holiday, vehicles are lined up moving on both directions of the Gyeongbu Expressway near Jamwon IC in Seocho-gu, Seoul. Photo by Mun Ho-nam munonam@

The basic operating principle of populism politics is to stir up the ‘spark of desire’ to sway voter sentiment. Oh Se-hoon, the People Power Party candidate for Seoul mayor, revealed a plan to underground 31.7 km of aboveground sections of Subway Lines 1 to 9 and 86.4 km of national railway sections, and to utilize the surface for green spaces, culture, arts, commercial, and business areas.

This is enough to stimulate the development desires of local residents. The problem is feasibility. Considering the next Seoul mayor’s term of just over one year, doubts about the realization of these pledges inevitably grow.

Nam Eun-kyung, Policy Director of the Citizens’ Coalition for Economic Justice, commented on the ruling and opposition parties’ development pledges, saying, "These are not pledges that the mayor can fulfill within the remaining term," and added, "These projects must be decided through objective and professional verification." Considering government budget support issues and the necessary processes such as changes to existing laws and systems, a considerable amount of time is inevitably required.

On the 16th, 50 days before the Seoul and Busan mayoral by-elections, officials from the Seoul Metropolitan Election Commission installed streetlight banners near City Hall to announce the election day and encourage voter participation. Photo by Mun Ho-nam munonam@

Ahead of the Busan mayoral election, the projects that both ruling and opposition parties have expressed willingness to pursue or conveyed positive messages about involve a completely different scale of required funds. The cost of constructing the Gadeokdo New Airport, which the Democratic Party has accelerated policy implementation for ahead of the Busan mayoral election, reaches 28 trillion won.

In the case of the Korea-Japan Undersea Tunnel project, which the People Power Party leadership has expressed willingness to review, there is an analysis that a budget of 100 trillion won is required. Professor Sung Tae-yoon of Yonsei University’s Department of Economics pointed out, "Unless the Gadeokdo New Airport undergoes a re-examination of feasibility to ensure economic viability, it is difficult to proceed," and added, "The Korea-Japan Undersea Tunnel should also be proposed only after sufficient feasibility studies."

Another controversy surrounding populism politics, beyond development, is the issue of ‘cash’. Candidate Park stated, "I will provide universal disaster relief funds of 100,000 won per person to all Seoul citizens through blockchain-based KS Seoul Digital Currency," which drew criticism from opposition parties as a ‘money politics election’.

Professor Kim Sang-bong of Hansung University’s Department of Economics criticized Park’s proposal, saying, "A common problem of the pledges from both ruling and opposition candidates is that they did not consider fiscal concerns at all."

The reason experts caution against populist policies during election periods is that they impose burdens on political, economic, and social systems as a whole.

Professor Kim Tae-gi of Dankook University’s Department of Economics expressed concern, saying, "Pledges made without feasibility increase political distrust," and added, "Pledges that do not consider fiscal matters increase national debt, ultimately leading to a ‘debt party’."

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