[Lee Jaemyung's Power Player] Joo Byungki Nominated as Fair Trade Commission Chairperson [Current Affairs Show]

Presidential Advisor Specializing in Distribution and Inequality Research
Developer of the "Opportunity Inequality Index for Social Mobility"
Platform Act Legislation Expected to Accelerate if Confirmation Succeeds

■ Broadcast: Asia Economy 'So Jongseop's Current Affairs Show' (4:00 PM ~ 5:00 PM)

■ Host: Political Specialist So Jongseop ■ Director: Producer Lee Kyungdo

The final piece of President Lee Jaemyung's economic team has been put in place. Joo Byungki, a professor at the Department of Economics at Seoul National University, has been nominated as the Chairperson of the Fair Trade Commission. This is a minister-level position with a guaranteed three-year term. The Fair Trade Commission is the agency responsible for taking the lead in realizing the "fair economy" that President Lee Jaemyung has emphasized. In contrast to the current situation, during the Moon Jaein administration-which also launched without a transition committee-the Chairperson of the Fair Trade Commission was the first member of the economic team to be nominated. Except for the fact that, like now, the nominee was a professor-Kim Sangjo-the order is the exact opposite this time.

Professor Joo is an authority in the field of distribution and inequality research. He was born in 1969 in Jeongeup, North Jeolla Province. He graduated from Moonil High School in Seoul and earned both his bachelor's and master's degrees in economics from Seoul National University, followed by a Ph.D. in economics from the University of Rochester. He also served as an assistant professor in the Department of Economics at the University of Kansas. He has held positions such as President of the Korean Association of Applied Economics and member of the Presidential National Economic Advisory Council. He also served as the director of the Center for Distributive Justice at Seoul National University. He has published several books, including "Just Transition" and "The Time of Policy." His research areas include microeconomics, public finance, and political economy.

Chief Presidential Secretary Kang Hoonshik explained the reason for nominating Joo Byungki as Chairperson of the Fair Trade Commission as follows: "He is a scholar who, as head of the Seoul National University Center for Distributive Justice, has consistently researched solutions to income inequality and the establishment of a fair economic system. He is a candidate to become the new head of the 'economic prosecutor's office,' who will rigorously implement the national philosophy of eradicating chronic unfair practices such as subcontracting issues, collusion, and internal transactions, and establishing a fair market order."

It is known that Professor Joo first became acquainted with President Lee Jaemyung around 2020. Lee Hanjoo, Chairperson of the National Policy Planning Committee, introduced him to President Lee. After that, he quickly established himself as an advisor. During the 2022 presidential election, he participated in "Politics That Changes the World (Sebajeong)," led by Lee Hanjoo, and in "Growth and Integration," led by Yoo Jongil during the last presidential election. Joo was one of the figures consistently mentioned as a candidate for key government positions in the new administration. As the appointment of Joo, who was widely considered the leading candidate for Chairperson of the Fair Trade Commission, was delayed, there were even rumors that "there might be issues in the vetting process," but he was eventually nominated.

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Together with Ha Junkyung, a professor at Hanyang University and Senior Presidential Secretary for Economic Growth, he played a major role in formulating President Lee's economic pledges. While Senior Secretary Ha focused on finance, trade, and macroeconomics, Professor Joo was responsible for issues such as chaebol reform, labor market issues, and inequality. In 2018, Professor Joo also developed the "Opportunity Inequality Index for Social Mobility," which quantified the educational gap according to parental income.

If Professor Joo passes the confirmation hearing and becomes Chairperson of the Fair Trade Commission, it is expected that the legislation of the Platform Act and other initiatives will accelerate. He is expected to propose measures for protecting platform merchants, establishing mutually beneficial cooperation, and strengthening social responsibility. Since President Lee has instructed him to devise ways to strengthen the organization through additional staffing, it is highly likely that the establishment of a dedicated platform bureau will become more tangible. Addressing personnel bottlenecks is also a task that needs to be resolved. He has consistently argued that "the way to simultaneously enhance economic efficiency and equity is through chaebol reform," and has called for improvements in the governance structures of large conglomerates.