Deputy Prime Minister Claims South Korea is Not Moving Towards Socialism

The Moon administration is claiming they are not socialists:

Many foreign experts, in particular, have criticized Seoul government for tipping the balance of economic policies toward socialism, which they claim violate free market principles and will eventually lead to an exodus of foreign capital.

The nation’s top economic policymaker, however, strongly refutes this criticism describing the Moon administration’s income-led growth policies as an inevitable choice to tackle the ever-deepening issue of polarization and to ensure sustainable growth.

“I would disagree with such an argument,” said Finance Minister Hong Nam-ki in an exclusive interview with The Korea Times at the government complex in central Seoul, Jan. 10.

“I believe they have gone too far. In an era of per-capita income of $30,000, it will be difficult for Asia’s fourth-largest economy to move forward without addressing such issues as polarization and the fair distribution of wealth,” he added.  (…….)

This means that the government is pursuing a two-pronged strategy ― on one hand, boosting growth potential through innovation, and on the other hand, narrowing economic inequalities by enhancing social safety nets for the underprivileged. 

Korea Times

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