The Economic Planning Board was created in 1961 in South Korea to formulate and implement economic plans. The banks of South Korea were nationalized and the agricultural cooperatives were put under the control of the agricultural bank. The government of South Korea, under Park Chung Hee, assumed a role of guidance if not effective control of South Korean business and the economy by controlling the access to credit and capital.
| The Economic and Social Development Plans of South Korea | ||
|---|---|---|
| Plan | Years | |
| First | 1962-1966 | Electrical Power, Fertilizer Production, Petroleum Refining, Cement, Synthetic Fibers |
| Second | 1967-1971 | Steel, Machines, Chemicals and Modernization of Industry |
| Third | 1972-1976 | Iron & Steel, Transport Equipment, Machines, Ships, Petrochemicals, Electronics |
| Fourth | 1977-191981 | Iron & Steel, Machines, Ships, Petrochemicals, Electronics, Nonferrous Metals |
| Fifth | 1982-1986 | Precision Machinery, Electronics and Higher Technology Industries |
| Sixth | 1987-1991 | Higher Technology, Research & Develpment, Manpower Training |
| Seventh | 1992-1996 | Microelectronics, Bioengineering, Aerospace, Fine Chemicals |