This is the first in a series highlighting the legacy of President Lee Myung-bak, who leaves office on Feb. 25. — ED.
By Kim Tae-gyu
President Lee Myung-bak doesn't appear to be receiving many thanks for his five-year governance that ends Monday.
Currently, he is thought to be responsible for almost all things that have gone bad.
In all likelihood, Lee will regain some of his popularity after retirement and get a better judgment. People were kinder to Lee's predecessors Kim Dae-jung and Roh Moo-hyun after they retired.
It can't be disputed that he led Korea's fast recovery from the global financial tsunami and orchestrated the exports of nuclear power plants and fighters. During his rule, Korea has also joined the $1 trillion trade club.
Lee also ratcheted up the national profile and image by successfully hosting the G20 Summit and winning the bid to host the 2018 PyeongChang Winter Olympic Games.
Of course, there is the flip side. His flagship pump-priming project of refurbishing the nation's four major rivers with tens of trillions of taxpayers' money was later found to be plagued with many irregularities.
His reciprocity-based North Korea policies fell apart raising tension on the Korean Peninsula and his diplomatic inconsistency with Japan also gets a poor score.
His business-friendly principles were criticized as benefiting just the haves at the expense of the have-nots. Many think that this played a role in aggravating societal polarization.
International agencies point out that freedom of press was hurt during the past five years. Lee's personnel debacles have been under constant criticisms as he made political appointments from among those from the same region, church or university as his.
In a nutshell, political, societal upheavals appear to outweigh some economic feats attained during his term. However, historians might come up with a different view.
In his last radio speech earlier this week, Lee said that he did his best in all his endeavors at every moment for the sake of the nation and the people so that he did not have any regrets.
His remarks might be truthful even though some people may have regrets over what Lee did over the past half a decade as the situation is still touch and go in the aftermath of the global financial crisis.
Economy: B
When Lee was sworn in late February, he was ambitious. His campaign pledge generated rosy hopes that he would jack up national output by 7 percent a year so that the income per capita could reach $40,000 during his term.
Yet, his administration got off to a terrible start as the global financial swoon hit the country midway through 2008 causing share prices to more than halve in merely a few months.
His political popularity was also on an early wane because of the nationwide candlelit vigil by those who worried about mad-cow disease when the imports of U.S. beef were resumed.
Lee obviously struggled but he did not throw up his hands.
During the waning days of 2009, Cheong Wa Dae announced an $18.6 billion deal under which a Korean consortium would build four nuclear reactors in the United Arab Emirates by 2020.
In 2011, Korea became the world's ninth country to reach $1 trillion in annual trade, a feat that Asia's No. 4 economy safeguarded the next year to silence critics on the concerns of the so-called "sophomore jinx."
Such results helped Korea chalk up record highs in its sovereign debt rates — its debt rating was raised last year by the world's major rating agencies to pass those of Japan and China.
Yet, such economic achievements were diluted by the widening gaps in income and wealth between the rich and poor as well as between conglomerates and small enterprises.
Lee's administration basically banked on liberalistic philosophies, which ended up offering more opportunities to big companies and wealthy managers at the expenses of ordinary people.
His trademark "business-friendly" approach was understood as easing a flurry of regulations so that big companies could sprawl across the board, thus putting many smaller competitors on death row.
Large companies dubbed chaebol substantially increased the number of their affiliates since 2008 while many small firms including mom-and-pop stores closed.
By Kim Tae-gyu
 |
| A portrait of departing President Lee Myung-bak is hung on the wall of a Cheong Wa Dae office where former presidents' portraits are displayed on Tuesday. It was painted by renowned artist Chung Hyung-mo, who also painted portraits of Presidents Kim Dae-jung and Chun Doo-hwan. / Yonhap |
Currently, he is thought to be responsible for almost all things that have gone bad.
In all likelihood, Lee will regain some of his popularity after retirement and get a better judgment. People were kinder to Lee's predecessors Kim Dae-jung and Roh Moo-hyun after they retired.
It can't be disputed that he led Korea's fast recovery from the global financial tsunami and orchestrated the exports of nuclear power plants and fighters. During his rule, Korea has also joined the $1 trillion trade club.
Lee also ratcheted up the national profile and image by successfully hosting the G20 Summit and winning the bid to host the 2018 PyeongChang Winter Olympic Games.
Of course, there is the flip side. His flagship pump-priming project of refurbishing the nation's four major rivers with tens of trillions of taxpayers' money was later found to be plagued with many irregularities.
His reciprocity-based North Korea policies fell apart raising tension on the Korean Peninsula and his diplomatic inconsistency with Japan also gets a poor score.
His business-friendly principles were criticized as benefiting just the haves at the expense of the have-nots. Many think that this played a role in aggravating societal polarization.
International agencies point out that freedom of press was hurt during the past five years. Lee's personnel debacles have been under constant criticisms as he made political appointments from among those from the same region, church or university as his.
In a nutshell, political, societal upheavals appear to outweigh some economic feats attained during his term. However, historians might come up with a different view.
In his last radio speech earlier this week, Lee said that he did his best in all his endeavors at every moment for the sake of the nation and the people so that he did not have any regrets.
His remarks might be truthful even though some people may have regrets over what Lee did over the past half a decade as the situation is still touch and go in the aftermath of the global financial crisis.
Economy: B
When Lee was sworn in late February, he was ambitious. His campaign pledge generated rosy hopes that he would jack up national output by 7 percent a year so that the income per capita could reach $40,000 during his term.
Yet, his administration got off to a terrible start as the global financial swoon hit the country midway through 2008 causing share prices to more than halve in merely a few months.
His political popularity was also on an early wane because of the nationwide candlelit vigil by those who worried about mad-cow disease when the imports of U.S. beef were resumed.
Lee obviously struggled but he did not throw up his hands.
During the waning days of 2009, Cheong Wa Dae announced an $18.6 billion deal under which a Korean consortium would build four nuclear reactors in the United Arab Emirates by 2020.
In 2011, Korea became the world's ninth country to reach $1 trillion in annual trade, a feat that Asia's No. 4 economy safeguarded the next year to silence critics on the concerns of the so-called "sophomore jinx."
Such results helped Korea chalk up record highs in its sovereign debt rates — its debt rating was raised last year by the world's major rating agencies to pass those of Japan and China.
Yet, such economic achievements were diluted by the widening gaps in income and wealth between the rich and poor as well as between conglomerates and small enterprises.
Lee's administration basically banked on liberalistic philosophies, which ended up offering more opportunities to big companies and wealthy managers at the expenses of ordinary people.
His trademark "business-friendly" approach was understood as easing a flurry of regulations so that big companies could sprawl across the board, thus putting many smaller competitors on death row.
Large companies dubbed chaebol substantially increased the number of their affiliates since 2008 while many small firms including mom-and-pop stores closed.
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