The Republic of Korea (Korea hereinafter) has been widely regarded as one of the most vigorous and analytically interesting third-wave democracies (Diamond and Shin, 2000: 1). During the first decade of democratic rule, Korea has successfully carried out a large number of electoral and other reforms to transform the institutions and procedures of military-authoritarian rule into those of a representative democracy. Unlike many of its counterparts in Latin America and elsewhere, Korea has fully restored civilian rule by extricating the military from power. As is the case in established democracies of North America and Western Europe, free and competitive elections have been regularly held at all the different levels of the government. In the most recent presidential election, held in December 1997, Korea also established itself as a mature electoral democracy by elevating an opposition party to political power. In Korea today, there is general agreement that electoral politics has become the only possible political game in town.