Economic Planning in Korea

by Charles Wolf, Jr.


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An examination of national economic planning in Korea from the first effort made in 1954 toward comprehensive planning to the present five-year plan completed in 1961. This plan concentrates on three leading sectors (namely, electric power, agriculture, and "social overhead capital") and emphasizes industrialization with major reliance on private enterprise. Although the plan compares favorably with the initial planning efforts of other Asian countries, it has its shortcomings. Nevertheless, the Korean five-year plan represents a notable contribution to advancing the country's development and at the same time provides a basis for getting started while preserving an opportunity for subsequent modifications and adjustments.

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