DistantNews
Support us
🇰🇷 South Korea /Elections & Politics

President Lee: New mechanisms needed to distribute AI profits, like basic income

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • President Lee Jae-myung proposed new mechanisms, such as basic income, to distribute excess profits generated by AI companies to the public.
  • He suggested this as a way to address the equitable distribution of wealth created by the AI boom, framing it as a future societal challenge.
  • Lee also discussed encouraging semiconductor companies to build supply chains in less developed regions and commented on South Korea's nuclear ambitions and North Korea relations.

South Korean President Lee Jae-myung has called for new mechanisms, akin to basic income support, to distribute the excess profits generated by artificial intelligence companies to the general public. He articulated this view during an interview with The Economist, framing it as a critical challenge for South Korean society as it navigates the equitable distribution of wealth spurred by the AI revolution.

A new mechanism is needed to distribute a portion of the excess profits generated by AI companies to the general public, similar to basic income support.

— Lee Jae-myungPresident of South Korea, speaking in an interview with The Economist about wealth distribution in the AI era.

"A new mechanism is needed to distribute a portion of the excess profits generated by AI companies to the general public, similar to basic income support," President Lee stated. The Blue House later clarified that his remarks were not directed at specific companies or issues but addressed a potential future challenge that society might face in maintaining capitalist market order during the transition to the AI era.

During his visit to Belgium, President Lee also commented on the effectiveness of a two-year pilot program for basic income in rural areas, suggesting that its permanent adoption and increased funding would yield greater benefits. This aligns with his earlier remarks at a press conference marking his first anniversary in office, where he questioned whether the "excess profits" from the semiconductor boom should solely belong to individual companies.

It would be much more effective if we permanently adopted this and increased the amount.

— Lee Jae-myungPresident of South Korea, commenting on the potential of a basic income pilot program.

However, President Lee expressed caution regarding unilateral implementation, noting that if South Korea were to act alone, it might deter foreign companies from investing domestically. He emphasized the need for "international discussion" on such matters. The President also mentioned efforts to guide semiconductor manufacturers, like Samsung Electronics and SK Hynix, to establish supply chains in less developed regions of the country.

There can be debate as to whether all of it belongs to individual companies.

— Lee Jae-myungPresident of South Korea, addressing the issue of distributing excess profits from the semiconductor boom.

In security matters, President Lee dismissed concerns about South Korea pursuing its own nuclear weapons program during its push for nuclear-powered submarines, calling it "neither desirable nor realistic." He also suggested that Donald Trump's "unique personality" could be beneficial in the current inter-Korean relations. The Economist report also noted President Lee's assertion that ongoing legal cases against him, including the Daejang-dong case, are politically motivated and that he is "quite likely" to become a victim of political persecution.

International discussion is needed.

— Lee Jae-myungPresident of South Korea, emphasizing the need for global consensus on profit distribution policies.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog