In the case of Korea, which successfully fulfilled the two tasks of industrialization and democratization in East Asia, authoritarianism, militarism, democracy, and modernization theory have been analyzed as the ideological background. This article analyzes the role of liberalism in embracing both these tasks. It attempts to examine the intellectual position of two groups of the Democratic Party by comparing the economic discourse the New group, Sinpa, with the Old group, Gupa, in the 1950s, which is the formation period of modernization and industrialization.
While the former envisioned the composition of the central economic planning organization and reorganization of the economic structure centered on active industrialization representing the position of emerging capital, the latter, representing the position of indigenous capital, limited the role of the government to fiscal and financial policies and showed a more dependent position on the free market. The proposal of such a central economic planning organization in government continued to evolve and develop through 1950s to 1970s.