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Park proved to be a technocratic corporatist with a penchant for centralized planning. In his government, which oversaw what became known as the “Miracle on the Han River,” a type of top-heavy mercantilism reigned wherein South Korea’s economy was ruled by three government bureaus—the Economic Planning Board, the Ministry of Trade and Industry, and the Ministry of Finance. All economic decisions became centralized as the country focused on infrastructure projects like the Seoul-Pusan highway, heavy industries like steel, and the growth of the export industry. Thanks to “Chaebol,” or large business conglomerates that were loyal to Park’s government, South Korea began to pull itself out of economic backwardness by the early 1970s.