[military security] 1969 Guam Doctrine + ending of aid programs increasing needs for self-defense
[domestic instability/regime legitimacy] After 1971 election, the future defeat of the ruling DRP in a presidential election looked like a real possibility while Park was scheduled to step down in 1975 by consitution’s limitation of three terms for the president
Declared the yushin constitution in Oct 1972, allowing Park a dictatorial power for life (‘palace coup’)
+ HCI drive since 1973.1; establishing the interministerial Council for Promoting Heavy and Chemical Industries (CPHCI); prime minister-led Commission for Enhancing Cooperation with Middle Eastern Economies
The spectacular overachievement in HCI was possible because Park channeled 79% of available funds (much earned from ‘ME boom’) into these industries in 1977/78 at the expense of light industries.
Exports growing sixfold bw 1972-77