박정희식 경제성장 정책의 종점으로서 경제안정화 종합시책

Abstract

The Economic Stabilization Policy in 1979 was designed to solve the problems which was accumulated through the economic development drive since the early 1960s under President Park Chong Hee. President Park’s determination, fundamental diagnosis, necessity of 1 or 2 year calm-down period, and revision of the target in the stabilization policy had never expressed by the Park Administration during 20 years before the policy in 1979. The stabilization policy recognized the failure of economic policy regardless of the causes, which was caused by internal policy error and external transitions in world economy. BRHowever, the policy was not appropriately operating because it was not possible to change or replace dramatically the executive style which had formed throughout 1960s and 1970s under President Park’s governing style. The same problem happened in bureaucrat groups and conglomerate owners, who were familiar with the Park Administration’s economic policies since the early 1960s. In the end, two facts which are that the policy was desined and that the policy was not working, means that the President Park’s economic growth policy would not be effective anymore.BRIn addition, changes in US trade policy was another crucial cause for the stabilization policy in 1979 and economic crisis in 1980. The US government urged the market libralization since the mid 1970s which was not consistent with the Park Administration’s protectionism and monopoly of domestic business. This shows the change in external environment was another cause of economic crisis in 1979 and 1980 and the Park’s policy was no more working under the international condition at the time. Finally the year 1979 was the turning point in economic policy through the stabilization policy as well as in political system through collapse of the Yusin.