Operation of the economic planning board in the era of high economic growth in Korea

Chapter 1 Introduction: EPB’s Purpose, Goals and Performance Evaluation In the early 1960s, Korea was one of the poorest countries in the world that lacked financial resources for economic development and was highly dependent on foreign aid. The Park Chung-hee administration that came to power through the May 16 Military Revolution pursued strong economic development policies that were primarily administered by the Economic Planning Board (EPB), under the goal of economic reconstruction. As a result, Korea managed to achieve high economic growth and an advanced industrial structure, and improved its various social indicators in merely a few decades. The EPB has drawn many positive evaluations from domestic and international academia and media with regard to its contribution to the country’s economic progress. By utilizing the EPB, Korea is widely thought to have carried out policies that have effectively mobilized and distributed limited resources, promoted exports to attain high economic growth, and endeavored to bring about social integration. (The rest omitted)

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