[Youth Seen Through Big Data] 'Lee Jun-seok Phenomenon' "Symbol of Fair Competition and Anti-Totalitarianism"

Criticism from Conservative Party on Cryptocurrency Investment Instead of Real Estate

Lee Jun-seok, the leader of the People Power Party, is showing his badge after receiving the COVID-19 vaccine (Janssen) at a hospital in Nowon-gu, Seoul on the 15th. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Park Cheol-eung] At the root of the so-called 'Lee Jun-seok phenomenon' lies the support of young people in their 20s, and big data analysis partially sheds light on the reasons behind it.

One of the most distinctive points is that in surveys, 'North Korea' was identified as a conservative word. Here, the concept of conservatism seems to align more with the idea of 'old-fashioned' rather than a political meaning. This is supported by the fact that 'regionalism' and 'academic elitism' were also extracted as conservative words.

Lee Jun-seok, leader of the People Power Party, has continuously voiced candid criticism as a young politician without being intimidated within a conservative party dominated by middle-aged and older generations, which appeals to the hearts of people in their 20s. There may be an image of a young person who has succeeded against a totalitarian culture.

Regarding economic class, 'real estate' appeared as a word associated with the upper class. The sense of deprivation among people in their 20s is generally linked to the recent sharp rise in real estate prices over the past few years. While older generations have built economic wealth through real estate, it may appear as an unattainable 'castle in the air' to those in their 20s. Combined with severe employment difficulties, this generation is sometimes evaluated as being at the bottom of a broken ladder. The fact that people in their 20s flock to virtual currency or stock investment may be because, in a way, those with no way out see these as the only means to place their hopes on.

"Being in the top 1% in terms of intelligence feels like a compliment, so thank you. But since I am human, that is meaningless, and I would like to be in the top 1% in terms of wealth at least once. That's why I also do a bit of coin trading," said Lee Jun-seok, leader of the People Power Party, through Facebook last month.

As shown in big data analysis, the traditional distinction between conservatism and progressivism is not appropriate for people in their 20s. Rather than ideology, it is important who is evaluated as more fair in the current given environment. They seem to have a strong will to survive and succeed in an unfair world.

In that regard, Lee can be an object of admiration. When asked about profits from virtual currency investment on a YouTube broadcast, he replied indirectly, "The amount candidates can spend during official election campaigns ranges from about 150 million to 200 million won depending on the size of the constituency. You can think of it proportionally." It is also known that he used an automated investment program he created himself, having majored in economics and computer science.

Lee graduated from Seoul Science High School and Harvard University, and entered politics at the age of 27 as an emergency committee member of the then Grand National Party. Although there were criticisms of elitism or cold meritocracy, there were few disputes about unfairness. He is also free from the realm of inequality centered on real estate.

In particular, he boldly expressed opinions on issues that people in their 20s are most sensitive about, such as 'quotas' and 'gender,' and sometimes engaged in public debates. Lee has emphasized fair competition, which is also one of the most important values for people in their 20s. The 'Lee Jun-seok phenomenon' emerged at a time when the proposition that people in their 20s support progressive parties simply because of their age no longer holds true.

The 'New Communication Research Institute,' which conducted the big data analysis, pointed out that "for people in their 20s, Lee Jun-seok can be interpreted as a positive role model symbolizing anti-totalitarianism and fair competition."