investment cooperation from the industrial sector and the citizens gold

Investment cooperation from the industrial sector and

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investment, cooperation from the industrial sector, and the citizen's gold-collecting campaign, the country was able to come out of the crisis in a relatively short period of time. [95] [96] [97] Industrial reconstruction of the big conglomerate chaebols was pursued, a national pension system was established in 1998, educational reforms were carried out, government support for the IT field was increased, and notable cultural properties were registered as UNESCO Cultural Heritage sites . [97] The 2002 FIFA World Cup , co-hosted with Japan, was a major cultural event where millions of supporters gathered to cheer in public places. [98] In diplomacy, Kim Dae-jung pursued the " Sunshine Policy ", a series of efforts to reconcile with North Korea . [99] This culminated in reunions of the separated families of the Korean War and a summit talk with North Korean leader Kim Jong-il . For these efforts, Kim Dae-jung was awarded the Nobel Peace Prize in 2000. [100] However, between a lack of peaceful cooperation from North Korea and the terrorist attacks on the United States on September 11, 2001 , changing the view of the U.S. on North Korea, the efficacy of the Sunshine Policy was brought into question. With added allegations of corruption , support waned in the later years of the administration. [96] [97] [101] Roh Moo-hyun, 2003–2008 [ edit ] Main article: Roh Moo-hyun Roh Moo-hyun was elected to the presidency in December 2002 by direct election. His victory came with much support from the younger generation and civic groups who had hopes of a participatory democracy, and Roh's administration consequently launched with the motto of "participation government". Unlike the previous governments, the administration decided to take a long-term view and execute market-based reforms at a gradual pace. [102] This approach did not please the public, however, and by the end of 2003, approval ratings were falling. [103] The Roh administration succeeded in overcoming regionalism in South Korean politics, diluting the collusive ties between politics and business, empowering the civil society, settling the Korea- United States FTA issue, continuing summit talks with North Korea, and launching the high-speed train system, KTX . But despite a boom in the stock market, youth unemployment rates were high, real estate prices skyrocketed and the economy lagged. [104] In March 2004, the National Assembly voted to impeach Roh on charges of breach of election laws and corruption. This motion rallied his supporters and affected the outcome of
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the parliamentary election held in April, with the ruling party becoming the majority. Roh was reinstated in May by the Constitutional Court, who had overturned the verdict. However, the ruling party then lost its majority in by-elections in 2005 , as discontinued reform plans, continual labor unrest, Roh's personal feuds with the media, and diplomatic friction with the United States and Japan caused criticism of the government's competence on political and socioeconomic issues and on foreign affairs.
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