- Grand National Party
Korean Hannara Dangconservative political party in South Korea.The Grand National Party was formed in 1997 through the merger of the New Korea Party (NKP; formerly known as the Democratic Liberal Party) and the Democratic Party (DP). At the time of the merger, the NKP was recovering from a series of financial scandals and member defections, and the DP was on the verge of collapse after the 1996 National Assembly elections, when it failed to win the minimum number of seats needed to obtain recognition as an official legislative party. The newly formed GNP struggled initially. Even though it held a majority of seats in the legislature, its candidate was unable to win the vote for speaker in 1998. This failure led the GNP's leadership to resign, and numerous members defected. Within a month the party had lost its majority in the National Assembly.In 2000 the GNP regrouped and won more seats than any other party; in the elections of 2004, however, following the GNP-led impeachment of President Roh Moo Hyun, the party finished second to Roh's newly formed liberal Uri Party. The Uri Party, unable to gain traction in the legislature, was ultimately forced to remake itself as the United New Democratic Party (UNDP) to counter surging GNP support.The 2007 presidential election was a commanding victory for GNP candidate and former Seoul mayor Lee Myung-bak, who campaigned on a platform that promised economic growth and government reform. In the 2008 legislative elections the GNP won a slim majority over its main opposition, the United Democratic Party, formed from a merger between the UNDP (which had previously held the majority in the National Assembly) and a smaller party. The GNP advocates fiscal responsibility, a market-based economy, and caution in dealing with North Korea.
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