The party was founded in January 1992 ahead of the 1992 legislative election in March, for which Chung announced his candidacy.

[1] Nonetheless, Chung and his party formed primarily in reaction to the government's strict attempts to regulate chaebol conglomerates and called for economic deregulation and liberalisation.

[2] The party also criticised the nascent Gyeongbu high-speed railway as a government fundraising project for the upcoming election.

"[5] It was speculated at the time that Chung would seek to primarily win over moderately conservative voters from the DLP, particularly the upper-middle class, but his performance was below expectations, obtaining only 16.1% of the popular vote and ending up in third place behind both Kims.

He was found guilty of diverting $62.8 million from Hyundai Group to his political campaigns, although he was not jailed due to his age.