Korea implemented a total of 7 rounds of S year economic plans during 1962~1996. Economic planning is known as something that Is adopted in the socialist countries. However, it can also be implemented in the capitalist countries. Many developing countries need to submit long-term economic plans before they receive economic aid from the U.N. or concessionary loans from the World Bank. Capitalistic economic planning is much more flexible than socialistic planning. The former can easily be revised as the underlying economic conditions change whereas the latter is quite rigid. The Korean economic planning system is comprised by 6 organs--the top political leaders, the planning agency, the budget office, the statistical office, the press, and the specialist group.