South Korea: Domestic Politics And Economy 2007-2008

Abstract

The year 2007 marked the twentieth anniversary of democratic transition in the Republic of Korea (ROK or South Korea ). In particular, politics are still highly personal and political parties have remained under-institutionalised, the Grand National Party (GNP) being the only political party that has been around for more than ten years. This chapter concentrates on domestic political and economic developments between April 2007 and March 2008, but will also throws a glance at the April 2008 National Assembly elections. President Roh Moo-hyun, who had continued the 'Sunshine Policy' of his predecessor Kim Dae-jung towards the North, managed to arrange a second top-level inter-Korean summit meeting which again took place in Pyongyang. Lee Myung-bak was elected president of the ROK on the basis of an 'economy first' platform. In late 2007 and then again in early 2008, South Korea had to face catastrophes. Keywords: Grand National Party (GNP); Lee Myung-bak; President Roh Moo-hyun; Republic of Korea (ROK or South Korea )