Ahn Cheol-soo Criticizes Ruling Party Pushing 'Fair Economy 3 Laws': "Why Obsess Over Corporate Governance?"

Ahn Cheol-soo, leader of the People’s Party, attending the Supreme Council meeting held at the National Assembly on the 21st and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Yeon-ju] Ahn Cheol-soo, leader of the People’s Party, sharply criticized the government and ruling party’s push for the 'Fair Economy 3 Acts' (amendments to the Commercial Act and the Fair Trade Act, and the enactment of the Financial Group Supervision Act), saying, "People who have never earned money or paid taxes are viewing the world too simplistically."

In an interview with the Korea Economic Daily on the 22nd, Ahn said, "These laws are not about a free market economy but about corporate governance."

He criticized the ruling party pushing the bills, saying, "Giving a title different from the content of the bill is something only fraudsters do," and added, "(The government and ruling party) have completely lost their way. I don’t understand why they are so obsessed with corporate governance."

Regarding naming the bills that contain regulations on companies as 'Fair Economy,' he said, "The core solution to unfair economy is to create a true free market economic structure where companies can compete fairly," and warned, "Changing governance does not guarantee a fair economy in the market."

Ahn said, "(The current economic structure in Korea) is the worst combination of state-led economy and neoliberalism," adding, "Large corporations are bound by the framework of state-led economy and are caught if they do not follow government orders, while small and venture companies suffer disadvantages from unfair trade with large corporations, but the government is practically neglecting this."

He continued, "As a result, both large corporations and small and venture companies are deprived of autonomy and creativity," emphasizing, "To create a structure where small companies can become medium-sized and then large corporations, it is first necessary to foster an environment where fair competition is possible."