| The presidential candidates pose before their joint TV debate at broadcaster MBC's studio in Mapo District, Seoul, Monday. From left are Lee Jae-myung of the ruling Democratic Party of Korea, Ahn Cheol-soo of the minor People's Party, Sim Sang-jung of the minor Justice Party and Yoon Suk-yeol of the main opposition People Power Party. Joint Press Corps |
By Yi Whan-woo
Unlike during previous elections when chaebol reform was one of the key issues, the presidential candidates have barely talked about it ahead of the March 9 election.
As people wrestle with skyrocketing housing prices, scarce opportunities for young jobseekers and other more pressing economic issues, chaebol reform is failing to capture the candidates' attention as well.
In a joint presidential TV debate, Monday, chaebol reform was hardly mentioned by the four contestants ― Lee Jae-myung of the ruling Democratic Party of Korea (DPK), Yoon Suk-yeol of the main opposition People Power Party (PPP), Sim Sang-jung of the Justice Party and Ahn Cheol-soo of the People's Party.
They instead spent more time addressing support measures for pandemic-hit households, as well as debating whether it is appropriate to stabilize the economy by raising the benchmark interest rate while also embracing an expansionary fiscal policy.
In their previous meeting on Feb. 3, Lee, who once called for disbanding Korea's large conglomerates, argued his intentions had been misunderstood and that he originally meant to dismantle any related systems.
"Presidential pledges prioritize issues that mainly interest voters, and chaebol reform falls behind housing supply, employment and other issues related directly to daily living when it comes to importance, " said Ha Joon-kyung, an economics professor at Hanyang University.
Shin Yul, a political science professor at Myongji University, said the fact that chaebol owner families have mainly kept themselves away from disgraceful incidents is possibly why the conglomerates are not at the center of candidates' attention this year.
It contrasts with the 2017 presidential election which took place after multiple chaebol heads were linked to the nation-rocking corruption scandal that ousted President Park Geun-hye.
The younger generation of chaebol owner families had also been outraging the public often over high-profile controversies, as witnessed in the 2014 "nut rage" incident concerning Korean Air.
A member of the Korean Air owner family made headlines by making a fuss after being dissatisfied with a flight attendant's way of serving nuts.