3.1 the plan formulation process
General Park Chung-Hee took power via military coup May 16, 1961. The military government announced as its moto: "Modernizing the Fatherland." It meant that economic development could be achieved through industrialization. The First Five-Year Economic Development Plan (1962~1966) was relatively hastily prepared under broad directives from the Supreme Council for National Reconstruction by the relatively inexperienced staff of the Economic Planning Board with the mutual consultation of concerned ministers. Relevant data was lacking, however, and the consistency of the plan was in doubt. The plan had an unsatisfactory start due to a meager harvest and the monetary reform fiasco in 1962. It was revised in 1964, but even the new version was largely ignored