South Korea, an Asian industrial giant known for its efficiency, this month provided a political drama of unbelievable blundering even as its president exhibited a surreal disregard for constitutional propriety. On 3 December, embattled president Yoon Suk Yeol, who was impeached Saturday, declared martial law. But in a comedy of fortunate errors, transport helicopters for special army troops were delayed by 40 minutes because they did not have clearance from the air force to enter a no-fly zone near parliament.
In that time, lawmakers repealed Yoon's declaration of martial law. Huge crowds appeared outside parliament to protest against martial law, forcing Yoon to withdraw the order hours later. Prime Minister Han Duck Soo has stepped in to act as interim leader while a court decides on the validity of Yoon's impeachment for his attempt to impose martial law. Yoon's tenure since 2022 had been characterized by Gangnam-style clumsiness and ineptitude. Even so, lessons loom large for several reasons. Across the world, growth is slowing. Korea posted 0.1% quarter-on-quarter GDP growth for the third quarter, just as Germany did this week, with the German Bundesbank slashing forecasts. This is bad news for an incumbent government anywhere, as Olaf Scholz's coalition, which lost a confidence vote this week, in Germany is likely to learn when early elections are held in February.
この記事は Mint Bangalore の December 19, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Mint Bangalore の December 19, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
An image makeover for palm oil would be good for us
The ecological impact of this affordable oil is lower and health benefits greater than often portrayed
Can the Xi-Trump 'bromance' be revived? Else, ties may fray
Cordiality between the two leaders would favour both countries
Refrain from judicial overreach: It'll strengthen India's judiciary
The suo motu powers of courts are essential to secure justice and the public interest but their overuse can have adverse results
South Korea's political drama was worthy of applause
Its lawmakers were bravely joined by others to reject martial law and uphold democratic institutions
Market losses and mistakes are two completely different things
A loss needn't be a mistake. What matters is whether the process of taking the decision was right
THE ROAD TO BETTER WEALTH MANAGEMENT STARTS WITH A CONSOLIDATED VIEW
Management consultant, educator and author Peter
Swiss tax shakeup: Effect on Indian investors, workers
Investors face tax hike on dividend starting January, following Switzerland's MFN suspension
How to build a ₹5-cr nest egg with ₹1.5 lakh monthly salary
My cousin (35) earns ₹1.5 lakh per month and paid off a home loan. He invests ₹45,000 in mutual fund SIPs (Nippon Indian small cap, Mirae bluechip and PPFAS flexi-cap) a month; and ₹50,000 in National Pension System every year. How much more should he invest to build a ₹5-crore retirement corpus? -Name withheld on request
File wage details by January-end for higher pension
Retirement fund body, the Employees' Provident Fund Organisation (EPFO) has extended time till 31 January for employers to upload wages and other details regarding the 310,000 pending applications for pension on higher wages.
Telecom sector gets ₹331.8 cr PLI boost
The government has disbursed a total incentive of ₹331.86 crore to 18 of 42 beneficiaries under the telecom PLI scheme as on 31 October. Parliament was informed on Wednesday.