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Development Overview

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Overview of Korea’s development experience

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Development Overview
Economy General

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General

Export promotion and government-led industrialization

Park Chung-hee, who came into power in 1961 through a military coup, adopted a government-led growth strategy to build an industrial base for Korea. The strategy rested on promoting exports and heavy and chemical industries (HCIs). For this purpose, financial repression was continued and imports were restricted. Below we will explore various aspects of the growth strategy in the 1960s and 1970s.

Source : SaKong, Il and Koh, Youngsun, 2010. The Korean Economy Six Decades of Growth and Development. Seoul: Korea Development Institute.

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