Foreign Media: South Korea's Democracy 'Success Myth' in Crisis Due to Martial Law Incident

For the first time in 45 years, martial law was declared and then lifted in South Korea, an unprecedented event that foreign media have interpreted as a crisis threatening South Korea's 'democracy success story,' which had maintained a stable democratic system despite various geopolitical crises.

Korean Martial Law Crisis Featured on Front Page of UK Newspaper. Photo by Yonhap News

On the 3rd (local time), the British daily The Times analyzed the martial law declaration incident in South Korea, noting that this event has thrown South Korea?previously known for its rare democratic success story worldwide?into chaos.

The outlet assessed that this incident has introduced uncertainty into the Western liberal camp's firm belief in South Korea's robust democracy.

The Times stated, "South Korea was regarded as a symbol of stability rarely seen in modern society," adding, "The fact that this country is located at the heart of one of the world's largest geopolitical 'powder kegs' has made it even more exceptional and valuable."

However, "The sight of soldiers clashing with lawmakers inside the National Assembly on Tuesday night showed that such stability no longer exists in 2024," conveying the shock felt by free democratic allies worldwide as they observed the incident.

The outlet further evaluated South Korea's democratic achievements to date, saying, "This country has been a tremendous 'success story' for the Western world over recent decades," and "Since gaining freedom at the cost of countless lives, including British and American soldiers during the Korean War, South Korea has been a Western ally and bravely defended the 'Cold War front' against the Kim family regime (North Korean regime) north of the Demilitarized Zone (DMZ)."

It also highlighted that although South Korean society has experienced internal conflicts over relations with North Korea, China, and the United States in recent decades, democratic transfers of power have always occurred, alongside remarkable economic and cultural growth.

Given South Korea's reputation as a symbol of successful democratization in East Asia, The Times predicted that the United States, as the leader of the Western liberal alliance, would also be deeply concerned about the turmoil.

The outlet noted, "The White House will be unsettled by the turmoil within a key ally," while also pointing out that the U.S. will "review its broader interests across the entire Pacific region."

Negative outlooks continue for South Korea's stock market, which has already suffered from undervaluation known as the 'Korea discount.'

Bloomberg News reported that President Yoon's gamble on martial law has adversely affected investors' perceptions of the South Korean financial market, predicting that this incident will do nothing to help the already undervalued South Korean stock market escape the 'Korea discount.'