It is generally accepted that the Korean government has played a decisive the role in the nation's successful economic development during the last thirty years. However, one should be aware that it is very difficult to define the concept of government-led economic management precisely. For the purposes of our analysis, we suggest that a government management regime is an economic policy regime in which the government determines major endogenous economic variables within the realm of private economic agents by imposing its will on the market as an outsider. Under such a regime, the government predetermines the outcome that would otherwise be determined endogenously through market competition processes.