Korea’s first five-year economic development plan was introduced in 1962, when Korea’s per capita income was $87. The sixth five-year plan is currently being implemented and per capita income for Korea last year was $4968. In the time span of less than one generation, much has happened in Korea and to the Korean economy in particular. As the Korean economy grew in size and complexity during this period, the style of economic management and the nature of intermediate-range planning itself changed dramatically. Consequently, it is important to specify time dimensions when making statements regarding Korea’s economic management style or the nature of Korean planning. Some of the statements in Kuznets’ paper (1990) need to be qualified in this respect. For example, statements regarding a picking-the-winners type of industrial targeting or industrial policy are not completely accurate unless they are confined to the so-called heavy and chemical industry promotion era of 1973-1979 or some other exceptional cases. Korea has been well known for its adoption of the outward-oriented industrialization development strategy since the early 1960s. In implementing this strategy, however, with the exception of the 1973-1979 period, policies in most cases were not industry-specific. In particular, coming into the 1980s policies became much more general and functional rather than industryor firm-specific. Statements regarding import liberalization or Export Day