Democratic Republican Party (South Korea) combination of state and corporate chaebol power pioneered by the party continues to be deeply built into the foundations of the South Korean economic system. Following the promulgation in October 1972 of the Yushin Constitution, which implemented numerous authoritarian centralizing measures such as the direct appointment of a third of the National Assembly by the President, the DRP assumed an unprecedented level of political power. For the next eight years, South Korea was essentially a one-party state ruled by the DRP. After Park's assassination on 26 October 1979 and the seizure of power by Chun Doo-hwan in the coup d'état
Chaebol selected companies to undertake projects and channeled funds from foreign loans. The government guaranteed repayment should a company be unable to repay its foreign creditors. Additional loans were made available from domestic banks. In the late 1980s, the chaebol dominated the industrial sector and were especially prevalent in manufacturing, trading, and heavy industries. The tremendous growth that the chaebol experienced, beginning in the early 1960s, was closely tied to the expansion of South Korean exports. Growth resulted from the production of a diversity of goods rather than just one or two products. Innovation and the willingness to develop new product