President Park argued that constitutional revision was necessary to be prepared against the North Korean threat and to mobilise resources for economic development. Despite the oppressive measures he took against political opposition5, it was crucial for him to demonstrate a strong economic performance to justify the revision, and

it was no coincidence that his economic strategy shifted its emphasis towards building up heavy and chemical industries which aimed at markets abroad as well as the domestic market6 (Haggard and Moon 1990; Deyo 1987). Because heavy and chemical industries require a great deal of initial investment for manufacturing plants, Park had to find ways to finance them to implement his economic programmes. On 25 November 1972, President Park met Kim Manje who was the head of KDI (Korean Development Institute), which played a key role in drafting the country’s economic strategy. Kim proposed a national pension programme which would mobilise capital as well as contribute to social security, both of which President Park desperately needed to justify his authoritarian regime. Following this discussion, the President formally requested KDI to undertake research to develop a framework for a social security programme for pensions to be outlined in his New Year press conference.