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There are signs of increased public dissatisfaction, such as the world's lowest birth rate, high personal debt levels and a new generation that believes that it has not benefited from the Miracle on the Han River.
Economic inequality and growing social divisions are not healthy for any country and these conditions have fueled the rise of populism around the world since the 2008 global financial crisis. Korea is no exception.
Part of the problem lies with the lopsided nature of Korea's economy, which continues to be dominated by the "chaebol," a large industrial South Korean conglomerate run and controlled by an individual or family. Smaller start-up businesses find it difficult to grow in this environment since they face challenges in raising capital and attracting the best talent. Entrepreneurial risk-taking is not encouraged by Korea's conservative social norms.
This has led to a growing sense of limited social mobility among the young, which has undermined their faith in the future. It also provides fertile ground for social conflicts that could be exploited by demagogues, who reject the search for the common good.
Korea has not yet reached the stage of deep partisanship in the U.S. that has become so serious that it led to talk of political insurgency or even civil war. But the recent presidential election in Korea shows that the confrontation between progressive and conservative forces is becoming bitterer.
There was little substantive discussion of the issues or policy options during the campaign, which was dominated by mudslinging and personal attacks. This helped lead to the somewhat surprising, but narrow, victory of Yoon Suk-yeol from the People Power Party despite the earlier victories of the Democratic Party in the 2020 National Assembly elections.
Even though the administration of Moon Jae-in had been praised for its response to the COVID-19 pandemic, which contributed to its overwhelming majority in the National Assembly in 2020, Yoon's election reflected growing concerns about the state of the economy and skyrocketing real estate prices, particularly in Seoul.
However, once elected, Yoon became involved in unbecoming fights with the outgoing administration, which made for a rather chaotic presidential transition. A breakdown in trust was reflected in fights over Yoon's relocation of the presidential office from the Blue House, the future of COVID-19 relief payments to small businesses and Moon's last-minute appointments to the Board of Audit and Inspection.
These developments do not bode well for the future of Korean democracy, which had already been thrown into question starting with the actions of former President Park Geun-hye. They sometimes smacked of the authoritarianism of her father, Park Chung-hee and provoked the Candlelight Protests that led to her downfall.
Although Yoon, in his role as a leading government prosecutor, played a key part in sending Park to prison, many of his conservative supporters are now seeking to take revenge on the progressive movement for its treatment of Park.
This is similar to the right-wing backlash against the administration of Joe Biden for what they claim is its persecution of Donald Trump. It serves as a prime example of the populism that has taken hold around the globe, based on anti-elitism and a disdain for democratic norms, which is amplified by social media.
Part of Yoon's appeal to his supporters was that he had not been a politician before his presidential bid. As a leading prosecutor, he was viewed as a decisive and forceful figure who would tackle corruption and other injustices.
Yet, Yoon also sought to tap a populist vein in his campaign as he embraced an anti-feminist agenda with his calls to abolish the Ministry of Gender Equality and Family. This reflected support for the "incel" movement by then PPP party leader Lee Jun-seok, who wanted to attract men in their 20s who felt frustrated with their lives and blamed increased job competition from women.
Yoon's engagement in the culture wars is one reason why he is unlikely to serve as a national leader to unify the country. He does not appear willing to compromise with the National Assembly, which is dominated by the Democratic Party of Korea.
He has also displayed a political tin ear, which reflects his lack of electoral experience. His move to relocate the presidential office, for example, has proved unpopular. The same goes for his proposed education and economic reforms, while he has bungled his cabinet appointments.
His legal background has contributed to his stubbornness despite lacking a firm base of political support as seen in his plunging opinion polls numbers. Yoon appears unwilling to display tolerance in the exercise of power. This creates a dangerous dynamic that will further fuel polarization that threatens to erode democracy.
John Burton (johnburtonft@yahoo.com), a former Korea correspondent for the Financial Times, is a Washington, D.C.-based journalist and consultant.