South Korea’s Martial Law Declaration: Implications for Governance and Markets
South Korea recently found itself at the center of global attention following President Yoon’s unexpected declaration of martial law. This announcement, though brief, left the nation and international observers questioning its implications for the country’s democratic framework and economic stability. Understanding the Declaration For six hours, South Koreans experienced a state of uncertainty regarding the scope and intent of the martial law order. The opposition, alongside members of President Yoon’s ruling People’s Power Party, quickly convened in parliament to annul the declaration, as permitted under South Korean law. Martial law in South Korea can only persist with parliamentary approval, and existing laws prohibit the arrest of lawmakers during such periods, […]
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