Former Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon, who is considered a fast-growing Presidential candidate, criticized the income-led growth of the government of President Moon Jae-in through the publication of a book.
Kim is rapidly looming as a Presidential candidate in Korea scoring the forth place after the front runners, Gyeonggi Governor Lee Jae-myung, former Prime Minister Lee Nak-yon and former Attorney General Yoon Seok-youl.
According to a report by Dong-A Ilbo (written by Jeon Joo-young) on July 17, 2021, Kim said, “It is wrong from the beginning of its naming. Growth will never come if income alone is made a leader.”
In his book entitled, ‘Breaking the Taboo in Korea’ (Sam & Parkers), to be published on July 19, Kim said, “It is wrong from the beginning of its naming. Growth will never come if income alone is made a leader.”
On the supply side, Kim said, “Innovation has to happen together.” Kim is known to have had an argument with the then Presidential Advisor Jang Ha-seong over the so-called “Income-led growth policies.”
When the minimum wage increased by 16.4% in 2018, Kim said, the range and speed of the minimum wage increase must be decided in upon considering the economic situation of the country, particularly considering the question. Then he asked “Will the market accept this?”
In the book, Kim stated that the most important thing in reducing the political realm is to break the typical winner-take-all structure of our politics."
He insisted that it is necessary to change the present five-year, single-term Presidential system for one where the power of the President is shared with others.
Then he said, “If you are a leader of a country, you have to take the blame when it is considered to be justified.”
Wikipedia account of Kim Dong-yeon:
Kim was born on 28 January 1957. He was President Moon Jae-in's first Minister of Economy and Finance and ex officio Deputy Prime Minister of South Korea until December 2018.
After finishing high school, he worked at Seoul Trust Bank (now absorbed into Hana Bank) while completing his undergraduate degree in law at the nigh school of now-Seokyeong University.
He spent most of his time in government at Ministry of Economy and Finance and its preceding agencies where he began and ended his career in public service.
In 1982 he passed the state exams for both legal affairs and administration and began working as a working-level administrator at its preceding agency. He took numerous economy and budgeting related roles in government ministries, Office of the President and presidential transition team.
He was recruited by three consecutive Presidents. He was President Lee Myung-bak's second vice finance minister and President Park Geun-hye's minister for government policy coordination. Before promoted to President Moon's first finance minister, he was the 15th president of Ajou University for two years.
Kim holds four degrees--a bachelor in law from now-Seokyeong University, two master's in administration from Seoul National University and University of Michigan and a doctorate in administration from University of Michigan.