The Victory of People 21 (국민승리21) party (later DLP) was formed as a preparation of South Korean presidential election, 1997. It was an attempt to unite the progressivists in South Korea, but some progressivists focusing on class struggle didn't agree to the policy line of VoP21 - they thought there was an excess of nationalism in VoP21. For example, the slogan of Kwon Young-ghil, the presidential candidate of VoP21, was "Stand up, Korea!" ("일어나라 코리아!"). After the election, these progressivists formed Youth Progressive Party (청년진보당).
The Youth Progressive Party ran for election of National Assembly in Guro-gu local constituency, and gained 4.1% of votes. In August 2001, the party changed its name to Socialist Party under the slogan of "Against Capitalism, Against WPK", aiming some nationalists called NL(National Liberation) in DLP.
The party has changed its name to Hope Socialist Party (희망사회당) in April 2006, and to Korea Socialist Party (한국사회당) in October 2006 due to the Korean law forbidding the usage of a party name for four years when registration is canceled.
- Socialist Party official website