Government support for exports (industrial policies), outward orientation (opening trade, free market institutions) and external support from more advanced economies (especially Japan) were significant factors for export development in the past, and an evolving mix of similar factors (especially trade links with China) may prove to be beneficial for growth in the future. It is difficult to assess how replicable the Korean model is. But over the past 60 years Korea has shown one feature that others would be well-advised to study: a mix of policies that allows for successful adjustment to changing domestic, regional, and global conditions.
- World Bank
Park recalled Kim and suppressed the fierce anti-Treaty protests with martial law in June 1964. Although Park still remains a controversial figure in modern Korean history, his realistic political sense and leadership, his long-term vision and commitment to Korea's economic development, backed up by bold and tough bargaining skill with Japan and the United States, were crucial in this final phase.