When 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.
Of all the potential yearend shocks that traders had gamed out, Tuesday night's brief but alarming events didn't come close to making the cut. Markets were braced for social media posts on outlandish Cabinet picks by Donald Trump, new tariff threats and the prospect of a French government implosion, not an attempted coup by President Yoon Suk Yeol.
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