Editing Park Chung-hee
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Park's coup brought an end to the interim government of the Second Republic and his election and inauguration in 1963 ushered in the Third Republic. Seeking to bring South Korea into the developed world, Park began a series of economic policies that brought rapid economic growth and industrialization to the nation that eventually became known as the Miracle on the Han River. South Korea became one of the fastest growing nations during the 60s and 70s as a result. | Park's coup brought an end to the interim government of the Second Republic and his election and inauguration in 1963 ushered in the Third Republic. Seeking to bring South Korea into the developed world, Park began a series of economic policies that brought rapid economic growth and industrialization to the nation that eventually became known as the Miracle on the Han River. South Korea became one of the fastest growing nations during the 60s and 70s as a result. | ||
He aided the United States during the [[Vietnam War]], with South Korean troops fighting alongside American troops. n return for troop commitments, South Korea received tens of billions of dollars in grants, loans, subsidies, technology transfers, and preferential markets, all provided by the Johnson and [[Richard Nixon|Nixon]] administrations | He aided the United States during the [[Vietnam War]], with South Korean troops fighting alongside American troops. n return for troop commitments, South Korea received tens of billions of dollars in grants, loans, subsidies, technology transfers, and preferential markets, all provided by the Johnson and [[Richard Nixon|Nixon]] administrations. | ||
Although popular during the 60s by the 70s as growth began to slow Park's popularity started to wane resulting in a close victory during the 1971 South Korean presidential election. Following this in 1972, Park declared martial law and amended the constitution into a highly authoritarian document called the Yushin Constitution. Formally, the pretense was that the Yushin Constitution was the seventh Constitutional amendment. In actuality, its effect was tantamount to an abolishment of the former Constitution—effectively creating a new one in an effort to legitimize the new Fourth Republic. During this time political opposition and dissent was constantly repressed and Park had complete control of the Media and Military. Park Chung-hee's regime promoted the VAT Act to secure stable tax sources and increase consumption tax through transparency in transactions, which was prepared in 1971 when the Tax Council decided to introduce comprehensive income tax and VAT in the direction of a long-term tax system. It was passed by the National Assembly in December and took effect in July of the following year. However, large companies have slush laid difficult due to the implementation of VAT law and not based on the ordinary self of Park Chung-hee regime have been turned to such end This the implementation December 1978 10th parliamentary elections in the Democratic Republican Party New Democratic Party and tongildang including The defeat of the opposition party shook the foundation of the Park Chung-hee regime. | Although popular during the 60s by the 70s as growth began to slow Park's popularity started to wane resulting in a close victory during the 1971 South Korean presidential election. Following this in 1972, Park declared martial law and amended the constitution into a highly authoritarian document called the Yushin Constitution. Formally, the pretense was that the Yushin Constitution was the seventh Constitutional amendment. In actuality, its effect was tantamount to an abolishment of the former Constitution—effectively creating a new one in an effort to legitimize the new Fourth Republic. During this time political opposition and dissent was constantly repressed and Park had complete control of the Media and Military. Park Chung-hee's regime promoted the VAT Act to secure stable tax sources and increase consumption tax through transparency in transactions, which was prepared in 1971 when the Tax Council decided to introduce comprehensive income tax and VAT in the direction of a long-term tax system. It was passed by the National Assembly in December and took effect in July of the following year. However, large companies have slush laid difficult due to the implementation of VAT law and not based on the ordinary self of Park Chung-hee regime have been turned to such end This the implementation December 1978 10th parliamentary elections in the Democratic Republican Party New Democratic Party and tongildang including The defeat of the opposition party shook the foundation of the Park Chung-hee regime. | ||