Unlock Editor’s Digest for free
Rula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter.
It will go down in history as one of the shortest introductions of martial law. Just six hours passed between South Korean President Yoon Suk-yeol’s declaration of martial law on Tuesday night and its subsequent cancellation. Despite deep divisions, the nation quickly united to reject the president’s decision. Parliament unanimously rejected it as civilians protested peacefully in the streets and Korean media continued to criticize. South Korea has so far passed a shocking stress test of its democracy. For a key Western ally in the Indo-Pacific region, seen as a model of extraordinary economic transformation and political liberalization, it is heartening that democracy has shown its strength.
However, Yun’s reckless decision plunged the country into a worse state constitutional crisis decades later. The scenes on Tuesday night were chaotic. Hundreds of soldiers stormed the building of the National Assembly. Public confusion reigned over whether a coup attempt had taken place or whether it was just political theatre. Investors were scared, pushing St financial authorities to promise “unlimited” support for market liquidity. Although Yun’s experiment with martial law was thankfully short-lived, the episode will be a long stain on the country’s democratic history.
His statement appears to have been the act of a desperate, selfish leader without a plan. Yoon justified the move in an unscheduled national broadcast, arguing that he needed to rid South Korea of ”anti-state forces” and “normalize the country.” He accused opposition parties of favoring North Korea, reflecting a long-standing rift in the country’s politics and an attempt to play on fears of its hostile northern neighbor. His party, the opposition and civilians knew that he was not acting on the basis of a real threat.
Yun was a the president is a lame duck. He ran for president in 2022 with a margin of 0.73 percent. He has often clashed with the opposition-controlled legislature. A number of laws he supported were rejected. Tensions came to a head last week when the opposition voted to cut the budget bill. Yoon argued that the cuts would turn South Korea into a “drug paradise.”
The president may have gambled that declaring martial law could allow him to advance his agenda. Other pressure factors may also have influenced his decision. His tenure was marred by corruption scandals, including the involvement of his wife. Yoon’s approval ratings were poor. Opposition leaders also tried to impeach members of his cabinet and prosecutors.
Political paralysis has unfortunately become the norm in South Korea. Its presidential system gives the head of state and the government broad powers, but limits them to one term. This led to micromanagement and the regular use of the veto. A change of president is often accompanied by sharp turns in politics. Several Korean presidents have also faced prosecution and conviction.
Yun must be held accountable for jeopardizing Korea’s international standing and its hard-won democratic progress. While it and Korean stocks have clawed back some of their initial losses, this week’s events will heighten investor concerns about South Korea’s economic outlook and stability. Lawmakers have rightly filed a motion to impeach him, which will be voted on later this week. The position of the president is clearly incorrect.
The public and institutional response to Yun’s actions showed that Korean democracy is durable. This trying moment should be the wake-up call the nation needs to build an even stronger edifice on these foundations.
