Korean Democracy and the IMF Crisis
The history of democracy in South Korea is characterized by a series of political transformations influenced by internal and external events. Beginning with the first direct elections in December 1987, the section highlights the election of Roh Tae-woo amid divided opposition parties, reflecting a gradual shift towards democratic governance. Following this election, Kim Young-sam's rise to power in 1992 marked a consolidation of civilian control over the government, leading to significant developments in democratic norms.
Amidst economic expansion driven by exports, South Korea faced mounting pressures to liberalize its markets, culminating in a foreign economic crisis in 1997. The IMF crisis highlighted systemic weaknesses in South Korean financial institutions and corporate governance, necessitating international financial aid. In return for this support, the country undertook extensive economic reforms, fostering a climate of cooperation among citizens for the repayment of foreign loans.
The section concludes with the aftermath of the crisis, including the election of Kim Dae-jung in December 1997, signifying a peaceful transition of power. Events like the candlelight protests demonstrate the maturity of South Korea’s democracy, driven by civic engagement and economic growth, as citizens voiced their desires for accountability and political reform.