Korea's New Political Economy

Things have gotten interesting in Korea these days--politically and otherwise.

South Korean voters undoubtedly aspired for change when they elected maverick human-rights lawyer Roh Moo Hyun as President nearly two years ago. His promise to clean up corruption struck the right chord with an electorate disgusted by money's influence on politics, democracy, and decision-making. And Roh's mandate appeared to have been reaffirmed in April, when his ruling Uri Party snatched parliamentary control from the conservative opposition, which had enjoyed two-thirds majority. For the first time in South Korea's history, both the presidency and the National Assembly are controlled by liberals.

Roh insists that he's doing away with the distorted institutions and practices put in place by those who collaborated with the military dictators who ruled since the early 1960s and the Japanese colonialists who occupied Korea before its liberation in 1945. But his policies are deepening ideological and generational rifts between the young liberals and older conservatives. Indeed, the President and his ardent followers are preoccupied with weakening the wealthy, connected conservatives. That's worrying because Korea must focus on improving its competitiveness against a rapidly industrializing China, and a polarized nation won't be able to do that.

Stay tuned.

More here.