Lee Jae-myung "Need for Regulatory Rationalization... Must Shift to Negative Regulation Approach"

[Asia Economy Reporter Oh Ju-yeon] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, argued that "a shift to a negative regulation approach is necessary" regarding regulatory innovation.

On the 24th, Lee attended the '2021 JoongAng Forum' hosted by JoongAng Ilbo and stated, "The government's purpose in regulating the market is to enable innovation and ensure fair competition, not to harass companies or suppress creativity," emphasizing that "regulatory rationalization is truly necessary."

[Image source=Yonhap News]

Lee said, "Regulations that hinder efficiency and fair competition should naturally be abolished or eased. However, regulations that strengthen competition and efficiency should also be expanded," adding, "I call this 'regulatory rationalization.'"

He continued, "If economic agents are allowed to freely grow and develop through creativity and innovation on the foundation of regulatory rationalization, I believe that our entire socio-economic system will continuously grow and the current stagnant economy will recover."

Along with this, Lee emphasized that in an unpredictable future society, there should be a shift from 'positive regulation,' which prohibits everything except what is listed, to 'negative regulation,' which permits everything except prohibited acts.

Lee stated, "Because the pace of change is fast now, it is difficult to predict everything," and stressed, "In such a future society, a massive shift to 'negative regulation,' which prohibits certain things but allows everything else and regulates afterward if necessary, is absolutely essential."

He cited the Global Positioning System (GPS) as a representative example, explaining, "Originally developed for military use, opening and sharing it with civilians enabled tremendous technological advancement and the creation of new industries." He added, "(Shifting to a negative approach) is necessary to enable the creation of dynamic new industries and the development of new technologies."

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