Key Economic Policies of Lee Jae-myung, Kim Moon-soo, and Lee Jun-seok
As the 2025 South Korean presidential election approaches, voters are increasingly interested in the economic visions of the leading candidates. Each candidate offers a unique approach to economic challenges, reflecting their political philosophies and visions for the country’s future.
Lee Jae-myung advocates for equitable distribution and practical growth, proposing the phased introduction of a basic income system. He intends to fund this through a land ownership tax aimed at curtailing unearned real estate profits. His economic policies also include prohibiting circular shareholding and enhancing regulations on conglomerates to prevent economic concentration.
Kim Moon-soo emphasizes labor reform and a market-driven economy. His key proposals include reducing corporate taxes to stimulate investment and privatizing public institutions to boost market efficiency. Kim is focused on dismantling powerful labor unions and prioritizing large corporate competitiveness over small business support.
Lee Jun-seok focuses on supporting the digital economy and youth entrepreneurship. He proposes reducing regulations and providing tax incentives for startups and small businesses. His policies also advocate for easing real estate regulations and adjusting capital gains taxes.
Comparing Welfare and Social Policies
Welfare policies are another major differentiator among the candidates, each presenting distinct approaches to social safety nets and public services.
Lee Jae-myung promotes universal welfare, emphasizing public healthcare expansion and the introduction of ‘basic housing’ to ensure stable living conditions for all citizens. His educational policies include completing free high school education and expanding state support for university tuition.
Kim Moon-soo stresses self-reliance through work-based welfare systems, opposing broad public healthcare and basic income initiatives. He favors expanding private insurance and enhancing educational market competition over regulation.
Lee Jun-seok calls for a redesign of welfare with a focus on efficiency, prioritizing infrastructure like healthcare and childcare over cash benefits. His plans include expanding public dormitories and increasing budget allocations for youth rent support.
Foreign and Security Policy Approaches
In the realm of foreign policy and national security, the candidates offer varied strategies addressing North Korea, international alliances, and regional diplomacy.
Lee Jae-myung supports resuming inter-Korean dialogue and cooperation, advocating for the restoration of the 9/19 military agreement and phased humanitarian aid. He stresses a balanced approach to China and Japan while emphasizing a strong U.S.-South Korea alliance.
Kim Moon-soo takes a hardline stance, viewing North Korea as a clear adversary and advocating for increased military deterrence through measures like additional THAAD deployments. He emphasizes the U.S.-centric security strategy and calls for expanded military cooperation with Japan.
Lee Jun-seok adopts a pragmatic approach, recognizing conditional negotiations with North Korea while maintaining international sanctions. He emphasizes balanced diplomacy with China and practical economic collaboration with Japan.
Political Reform and Generational Politics
The candidates also propose various political reforms aimed at reshaping South Korea’s political landscape.
Lee Jae-myung focuses on judicial reform, advocating for the separation of prosecutorial powers and strengthening the functions of the Corruption Investigation Office for High-ranking Officials. He also proposes partial relocation of parliamentary functions to promote regional balance.
Kim Moon-soo aims to eliminate left-wing influences from politics, suggesting legal measures to dissolve what he considers anti-state political entities. He opposes changes to the electoral system and emphasizes severing ties between political entities and civic groups.
Lee Jun-seok calls for breaking the two-party dominance by advocating for electoral reform, including expanding proportional representation and consolidating electoral districts. He also proposes enhancing the transparency and fairness of internal party processes.
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In this blog post, we’ve delved into the campaign promises of South Korea’s leading presidential candidates: Lee Jae-myung, Kim Moon-soo, and Lee Jun-seok. Their policies paint a vivid picture of their priorities and the potential future they envision for South Korea. As voters consider these proposals, it’s crucial to analyze not only the promises but also the feasibility and long-term impact of these policies. Engaging in this analysis will ensure that the choice made at the polls is informed, reflecting a vision that aligns with the electorate’s aspirations for the nation.