Formerly named Millennium Democratic Party (Korean: 새천년민주당; Hanja: 새千年民主黨; RR: Saecheonnyeonminjudang; MDP), it was renamed on 6 May 2005.

The MDP lost majority when Roh was impeached in March 2004 by the National Assembly for illegal electioneering and incompetence charges with support from the Grand National Party, losing 53 seats to a total of only 9 seats in the 2004 parliamentary election.

Roh Moo-hyun was later re-instated by the Constitutional Court, and served as president until the end of his term.

The Democratic Party is a political party led by Kim Dae-jung individual charisma and is generally classified as "liberalism" (Korean: 자유주의) or "conservative liberalism" (Korean: 보수자유주의 or 보수적 자유주의).

[7] On the other hand, he pursued a typical conservative economic agenda and was called a "Neoliberal Revolutionist" (Korean: 신자유주의 혁명가).