[비즈한국] Honestly, the economic pledges of presidential candidates are predictable and boring. They are all about "revitalizing the economy." Terms like stabilizing prices, housing supply, job creation, semiconductor investment, renewable energy, and digital transformation are certain to be repeated yet again. Some of these are words we heard 10 or 20 years ago, with only the vocabulary changing to match the trends of the times.
To revitalize the economy, a proper analysis of why the economy is stagnant must come first. While there are various internal and external factors, there is one factor that is particularly prominent in our country: the "distrust between economic agents." More precisely, it is the lack of trust as a social foundation that makes the economy possible, and the state’s structural indifference toward "fraud crimes" that erode that foundation.
South Korea appears to be a country with good public safety. The streets are safe at night, and you can usually leave your belongings in a public place and come back to find them unharmed. CCTVs monitor the cities closely, and the police arrive quickly. However, this does not mean it is a crime-free society. According to the 2023 National Police Agency crime statistics, there were approximately 1.52 million total crimes, with 2,961 incidents per 100,000 people. Among them, white-collar crimes accounted for the largest share at 842.7, while fraud crimes made up about 19% of total offenses. While physical crimes have decreased, the destruction of trust in the form of fraud is increasing rapidly. The complexity of digital crimes is such that legislation is struggling to even keep pace.
The problem is that laws and systems are excessively lenient toward these fraud crimes. It is common for cases involving hundreds of millions of won in damages to end with suspended sentences rather than prison time. Sentences are reduced due to reasons such as being a first-time offender, attempts at victim compensation, or judicial gestures like submitting letters of apology. The law always scrutinizes the defendant's circumstances first. The victim is pushed to the background, and even in court, they are hurt a second time by questions like "Why did you trust them in the first place?" They suffer a double tragedy: not only has their life been ruined by a crime, but they are treated as if they brought the loss upon themselves.
This is not just a matter of punishment; it is a matter of economic policy. The economy of a society is built on trust. Financial transactions, consumption activities, investment decisions, employment contracts, and platform-based transactions all ultimately start from the premise that "the other party will not deceive me." When this premise collapses, people close their wallets, give up on opportunities, and sever ties. The trend of distrust hits the middle and working classes first. Recent surges in investment fraud, coin scams, real estate development fraud, and voice phishing target vulnerable groups by utilizing the facade of technology. Those who are outside the reach of policy, those who are unfamiliar with the system, and those with low digital literacy are the first to collapse. It is difficult for them to get back on their feet, and the distrust spreads to more and more people. As such, fraud is not just a destruction of individuals, but a collective erosion that gnaws at the social common asset of trust.
Yet, we have always dismissed this as an individual problem. There is little sign of any will to solve this in the presidential candidates' economic pledges. Far from the state stepping in to impose strong punishments, fraud victims still have to spend more time and resources proving their victimization. "The economy" is too often treated only with figures and formulas. In a society where trust between people has collapsed, no matter how good the numbers look, the perceived economy will never improve.
If the next president wants to talk about the real economy, they must stop being trapped in the old frame of "growth" vs. "distribution." They must design an economy that restores trust—a system-based economy that firmly confronts fraud and manipulation. Stronger punishment for fraud, victim protection, digital monitoring systems to eradicate repeat offenses, and legislation to practically confiscate criminal proceeds must be included in the category of economic pledges. Investor protection should not just be discussed in terms of the stock market. A national monitoring network that can detect and block investment fraud in advance, along with social infrastructure for monitoring and preventing large and small fraud cases, is as urgent a task as any new industrial strategy.
While capital drives growth, it is the trust between people that makes that capital flow. Without addressing these fundamentals, no matter what national fiscal indicators or industrial strategies are put forward, the real economy will not move. I have a wish for the next president: while public safety protects the streets, trust protects the economy. In short, it depends not on "how much we grow," but on "how firmly we prevent the decay."