Presidential Contenders Collide on Economy

With just eleven days until the presidential election, the five top candidates met at broadcaster MBC on Friday for a debate on their economic policies. 

The Democratic Party's Moon Jae-in placed his top priority on job creation, saying unemployment is the root cause of low growth, income polarization, the low birth rate and the aging society.

The People's Party candidate Ahn Cheol-soo called for transforming the economy to be led by small and medium-sized businesses instead of massive conglomerates. That, he said, would create higher quality jobs. 

Hong Joon-pyo, of the Liberty Korea Party, promised to revive the working class. He pledged 50 percent tax cuts for cigarettes and petroleum products and to reduce household telecommunication fees by 40 percent by creating another carrier.

Bareun Party candidate Yoo Seong-min called for reforming the nation's conglomerates to turn them into global corporate leaders. 

The candidate for the Justice Party, Sim Sang-jung, proposed charging big businesses with the social cost of increasing minimum income and reduced, fair work hours.