3.The First Five-Year Economic Development Plan (1962-1966)
3.1 The plan Formulation Process
General Park Chung-Hee took power via military coup on may 16,1961. the military government announced as is its motto: "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 ministries. 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
3.2 The Role of the Economic Planning Board The first task was to establish a government institutional structure which could make deci- sions and coordinate government actions. On July 1961, the Economic Planning Board (EPB) was created for this purpose under the leadership of the then Deputy Prime Minister, and it prepared the first five-year develop- ment plan (1962-1966). The Economic Planning Board (EPB) was responsible for the formulation and implementation of economic planning. It was in charge of various functions such as planning formulation and policy coordination, budget allocation, foreign capital management and statistical management. The EPB was at the center not only of medium planning but also short-term planning and policy-making. Also, the EPB was expected to play a prominent role in adjusting and controlling conflicts among the various economic ministries. It has been assessed that the EPB was one of the best examples of institution building and played a vital role in the implementation of Korea's five-year development plans