Korean Democracy and the IMF Crisis

Following the adoption of the new constitution, the first direct presidential election since 1971 took place in December 1987. However, due to the failure of opposition parties to unite, another military figure from Chun’s faction, Roh Tae-woo, was elected. Nonetheless, Korea continued its democratic journey. In 1990, long-time opposition leader Kim Young-sam reached a compromise with Roh’s party to form a major ruling party. This led to Kim, a civilian, being elected president in December 1992, marking the end of decades of military rule and a significant step forward for democracy.

Under the export-oriented policy of the new administration, several companies rose to global prominence, supported by governmental initiatives. Korean conglomerates invested in capital-intensive industries, and the government prioritized industrial and social infrastructure development.

However, under pressure from neoliberal forces to liberalize its market, the Kim administration joined the Organisation for Economic Cooperation and Development (OECD) in 1996 and focused on enhancing Korea’s international competitiveness. Despite efforts, Korea faced a foreign currency crisis in 1997, which was mitigated through emergency financial aid from the International Monetary Fund (IMF). Citizens actively contributed to foreign loan repayment through the Gold Collection Movement.

In December 1997, longtime opposition leader Kim Dae-jung was elected president, marking a peaceful transfer of power. Subsequent peaceful transitions occurred in 2008, when conservative Lee Myung-bak succeeded the progressive Roh Mu-hyun, and in 2012, when conservative Park Geun-hye became the first female president. However, Park’s impeachment and removal from office in March 2017, following revelations of government affairs mismanagement, led to nationwide protests. In May 2017, Moon Jae-in was elected president, marking the third peaceful transfer of power.

The candlelight protests of 2016, characterized by peaceful demonstrations within the framework of democratic principles, demonstrate the maturity of Korean democracy. While economic development laid the foundation, it was the heightened political awareness of citizens that propelled the advancement of Korean democracy to its current state.

Since its inception in the late 20th century, Korean democracy has undergone significant transformations, shaped by both political and economic factors.

From the era of military rule to the democratic milestones and challenges faced during economic crises, the journey of Korean democracy reflects the resilience and determination of its people.