The Third Republic of Korea refers to the period of South Korean history from 1963 to 1972, marked by the leadership of Park Chung-hee. This era followed the Second Republic and was characterized by a strong emphasis on economic development and modernization, which led to significant industrial growth in the country. During the Third Republic, the government implemented various policies to promote economic stability and growth, including the establishment of the Korean Development Institute. However, this period was also noted for its authoritarian rule, with limited political freedoms and suppression of dissent, as the government sought to maintain control over the rapidly changing society.