S. Korea Bets on an Outsider in a Time of Economic Crisis

Shocked and embittered by the economic debacle that has forced their proud and prosperous nation to become a supplicant for international aid, South Korean voters have for the first time rejected the candidate of the ruling party, choosing longtime opposition leader Kim Dae Jung as their next president.

For Kim it is a triumphant achievement, the culmination of decades of often courageous and life-risking dissent against earlier authoritarian military governments and the capstone to a career that has included four runs at the presidency. For Koreans, it is a gamble that a man who has little standing with the big-business and big-money elite can lead the nation back to economic stability and progress.

The election was razor-close. Had it not been for the 19% of the vote taken by third-party candidate Rhee In Je, it’s likely Lee Hoi Chang would have won. Rhee broke with the ruling party after Lee won its nomination.

In a sense, history has been recycled. A decade ago Kim Dae Jung and another dissident politician, Kim Young Sam, could not agree on which of them would oppose Roh Tae Woo, the military-backed ruling-party candidate. And so they both ran for president and, by splitting 55% of the popular vote, assured Roh’s victory. Kim Young Sam went on to be elected president in 1992 and today stands excoriated for South Korea’s economic mess.

Cleaning up that mess demands taking some actions that will unavoidably have harsh consequences, higher unemployment among them. And it demands the courage to see things through. Kim won’t take office until Feb. 25. Between now and then he should do his utmost to work with the outgoing government to implement the plan insisted on by the International Monetary Fund as part of its $57-billion bailout package. That involves decentralizing economic planning, allowing greater competition and letting many inefficient banks and businesses go under. A first order of business is legislation to establish a social safety net for those destined to suffer most from this restructuring.

The winner of the election, wrote Dong-Ah Ilbo, the nation’s leading paper, “takes over the helm of a sinking ship called Korea Inc.” That is surely a far too gloomy view of South Korea’s condition, and of what the Korean people are capable of achieving. Kim Dae Jung has triumphed over many adversities. He is a survivor who now has the opportunity to prove he can also lead, boldly and capably.