First published in The Korea Herald.
With the general election in Korea just a couple months away, a recent report by the Organization for Economic Cooperation and Development appears to be timely.
The report, “Financing Democracy,” takes a comparative approach to examining how the funding of political parties and election campaigns has evolved, and how regulations across OECD member and partner countries have been established.
From an economic standpoint, this is important because it shows how the politician-business nexus can hamper economic growth. As long as it continues to exist, vested interests will rule supreme, rather than national interests.
In particular, the report assesses the risks of policy capture through the funding of political parties and electoral campaigns, identifies...
