Capitalism Is the Unsung Hero of South Korean Democracy
The ascent of the country’s economy helps explain the resilience of the political system. The president was really battling history.
The least-worst system of government.
Photographer: Jean Chung/BloombergWhen the history of this tumultuous week in South Korean politics is written, legislators who demanded the president rescind his declaration of martial law will surely be lauded. It’s also worth standing back to examine the role that economics has played in the country’s transition to democracy, and why that least-worst system of government, to quote Winston Churchill, survived.
The contribution of capitalism — its constraints and opportunities — has been vital. The rhythms of global commerce have been present at key points in South Korea’s journey. It’s fair to say that without the thrills and spills of money, there wouldn’t have been a mature democracy to protect. That you may not have noticed is a testament to its success and durability.