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Middle Class Encouraged To Take Part In Politics For Economic Change

By February 17, 2017 at 6:11 am
South Korean Economy - Presidential Election Campaign Issue (Photo : Chung Sung-Jun/Getty Images)

Korea's middle as well as low-income groups have been encouraged to participate and take part more in politics to be able to address concerns in economics as well as the issues which are crucial to them. This move will also improve the current situation of the market which commonly benefits those who are at the top.

Problems on poor corporate governance, labor inflexibility, inequality, and social wealth management will be addressed if their voice will be raised for policymakers to fix the broken system. If they will not be given the chance, these concerns will continue and will later plague the Korean economy.

In an interview with the Korea Times, Chu Jin-hyung, an independent economist said that the presented political issues need to be fixed first through letting the middle- and low-income groups to participate in the political matters.

Even if those problems would not be recognized at hand, any policy will work immediately if only those groups of people will be given chance to speak out their needs. These proposed measures include corporate governance improvement and job creation which have been predicted to relive the problem in just a short period of time.

He also pointed out about the significant role that the U.K.'s Labor Party played during the 1940s and late 1990s which expanded its influence through coalitions. He then added that Korea's economy can no longer improved by credits and conglomerates just like before.

Chu sees the need of the middle and low class to organize alliance and do something in order to become the true foundation of the country's economy as per The Economist.

Chu has been known for his outspoken criticism for a lot of programs and the latest was the National Pension Service or the NPS. He made notice of the way Korea's pension fund operator handles the money.

If the middle- and low-income class will then be given voice in the politics and speak out their concern to the policymakers, then Korea needs strong leaders who would deal with this proposition.

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