More than $ 400 a month (UBI) per month is approaching the real deal in South Korea as presidential candidates promise to unveil key issues to address inequality.
UBI – a government program in which the government provides free cash for each month – is considered by financial experts as a way to end chronic poverty and as a means of promoting human rights as a means of destroying these institutions. But critics believe the law is ineffective and impossible.
Lee Jae-myung, who won the ruling party race this weekend, has vowed to continue implementing the policy for five years if he wins the March elections, which could make Asia the first country to receive UBI.
“Real freedom is only possible if your life is stable in all areas including money, housing and finances,” said Lee, who compares him to Bernie Sanders, a left-wing U.S. senator.
He added that South Korea “should be a country where injustice and inequality are eradicated and there are more opportunities and dreams through continuous growth”.
Under Lee’s plan, all South Koreans receive Won1m ($ 840) a year which will be added gradually over the years until they earn Won500,000 ($ 420) per month.
Lee, a remnant of the Democratic Party and an ambassador for the populace, is building a popular platform for the massive use of social grants, affordable housing and affordable loans to the poor.
But the 56-year-old is not the only one looking for unresolved ideas to deal with the endless problems that successive governments have failed to address: rising education and housing, rising housing debt, rising youth unemployment, unimaginable poverty and extremely low birth rates.
“As health problems grow, people acknowledge that we need a stronger kind of security. That’s why they are gradually tolerating platforms that were seen as socialist ideology,” said Park Chong-hoon, research chief at Standard Chartered.
Kim Dong-yeon, a prominent former finance minister who is trying to present himself as French President Emmanuel Macron, wants to go further to completely abolish state laws.
“Korean law only states what is legal and everything else is considered illegal. But it should be an alternative, as in many other developing countries, “Kim, who wants to run for office, told the Financial Times.
Kim is a career leader who has lifted herself out of poverty after finding a workbook for work dumped in the trash. But now they want to pass entrance tests to improve the country’s oversight functions, which could jeopardize the permanent security allowed for government employees.
Opponents who illegally oppose them are also receiving a generous offer to abandon their financial and market strategies.
They are growing their interest in commodity prices, a sign of South Korea’s growing economic growth.
Household prices have doubled since President Moon Jae-in took office in 2017, despite 20 new attempts against rising prices.
Most middle-aged families are cheaper in the housing market, with house prices in Seoul hitting $ 1m, a limit that few Koreans think is possible.
Yoon Seok-youl, a former prosecutor and defendant, is trying to lure young people with a mortgage of 500,000 homes. Some supporters want more major development projects, including the relocation of the military base just south of the capital to improve living conditions.
Opponents, however, doubt whether the plans will continue, in light of the economic crisis.
Paul Choi, an economist at CLSA, an economics group, said Lee’s success could provide “steroid effects” in the short term but endanger the long-term health of the fourth largest economy in Asia.
Seeing the imbalances shows a dramatic change since five years ago when the Moon began to rule behind a the strange deception of corruption about Park Geun-hye, a former president who has not changed.
Exports and a strong response to health have also helped South Korea secure one of the world’s largest survivors of a pandemic last year. But officials admit that they were caught unawares at the rate at which the gap between rich and poor grew sharply during the coronavirus epidemic.
Shin Yul, a professor of political science at Myongji University in Seoul, said next year’s elections appear to be “dominated by the majority”.
“With so many people in financial trouble, they want a charismatic leader with a strong image,” Shin said, “no matter how clear their platforms are.”