Summary

Chapter 1
Introduction

Chapter 2
Political and Economic Environment in the 1970s
　1. External Environment
　2. Domestic Political Environment
　3. Industrial Policy to Promote Heavy and Chemical Industries (HCI)
　4. Financial Repression to Support the HCI Drive
　5. Soft Budget Constraint of the Government
　6. Monetary Expansion and the Surge of Inflation
　7. Deterioration of the Balance of Payments

Chapter 3
Paradigm Shift towards Stabilization
　1. New Ideas Challenging the Government-Led Development Policy
　2. Stabilization Policies under President Park: Passive Implementation
　3. Stabilization Policies under President Chun: A Full Drive

Chapter 4
Contents of the Comprehensive Economic Stabilization Policy (CESP)
　1. Three Principles of the CESP
　2. Stabilization to Control Inflation and Economic Growth
　3. Strengthening Market Principles and Mechanisms
　4. Open Economy to Promote Competition and Consumption Opportunities

Chapter 5
Macroeconomic Performances in the 1980s
　1. Inflation Stabilization and Macroeconomic Policy
　2. Factor Price Stabilization and Income Policy
　3. Stabilization of the Balance of Payments
　4. Revival of Growth
　5. Structural Changes toward Market-Oriented Economy

Chapter 6
Conclusion and Lessons
　1. Policy-Makers’ Understanding about Macroeconomic Policy
　2. Institutions that Can Protect Sound Macroeconomic Policy
　3. Communications with the Public

References