The article discusses the political landscape in South Korea under President Lee Jae-myung, who has been in power for nine months and is reportedly performing better than expected. With rising stock prices and signs of stabilization in the real estate market, longstanding criticisms of the Democratic Party's economic management are beginning to wane. Lee's administration has successfully signaled vitality to the middle and lower classes and differentiated itself from the previous government led by Yoon Suk-yeol. Meanwhile, the ruling People Power Party is facing a crisis as it struggles with internal strife and is seen as ineffective in both economic and security matters, akin to a failing household leader.

The article also draws historical parallels, referencing the evolution of the British Labour Party in the early 20th century which transformed from a party representing a minority working class to a broadly accepted national party, thriving during the Tony Blair era. It suggests that Lee Jae-myung's trajectory mirrors this transformation, characterized by a consistent pro-business economic approach since the presidential elections. However, the current global environment is significantly more fractured and unstable than in Blair's time, with rising nationalism and protectionism facing the liberal global order, leading voters to seek a deeper sense of belonging and national pride rather than just focusing on economic results.

Lastly, the author posits that while the People Power Party may be marginalized, its grasp on a nationalistic discourse allows it to maintain a role in politics. This strong emotional appeal to national security and identity can resonate deeply with the populace, even if the party's evidence for its claims is lacking. In a world where political sentiments are heavily influenced by national pride, the discourse around the state could become dangerous if it shifts towards exclusivity, potentially feeding into extremist ideologies like fascism.