A Revaluation of Heavy and Chemical Industry Promotion of South Korea

The Formulation of the HCI (Heavy and Chemical Industry) promotion policy was a turning point of the South Korean economy development. It is the most important industrial policy during the Yushin regime, which led by dictator Park Chung-Hee. However, due to the dictatorial nature of the Yushin Regime and its complicated repercussion, the valuation of the HCI promotion policy is a mixture of praise and criticism. This essay aims to explore the gain and loss of the HCI promotion policy and its impact on South Korea future development.