As academic interest in postwar economic reconstruction grew, Korean economists subjectively accepted ‘discourses on economic development in underdeveloped countries.’ There were two major trends in accepting these theories. The first trend is characterized by academic writings and activities that problematized the overall aspects of social structures in underdeveloped countries and proposed developmental directions, rather than only focusing on economic sectors. This line of thinking emerged as a group of Korean economists referred to and introduced research on economic development in underdeveloped countries by postwar Japanese economists, Itagaki Yoichi in particular. In addition, these Korean economists showed interest in Max Weber’s theories of modern capitalism that gained currency in postwar Japan and Otsuka Hisao’s research on economic history. In doing so, they attempted to diagnose the status of Korean society at the time and called for ‘social and economic modernization’ in South Korea. Another intellectual trend was to diagnose economic characteristics and phenomena in underdeveloped countries by focusing on economic sectors, and then to design developmental strategies and make policies by establishing theoretical models that would overcome the economics problems in these countries. Among a variety of economic developmental theories in American and British economics circles that were introduced to Korea, it was the theories of Ragnar Nurkse that had the most powerful impact on Korean economics. While accepting Nurkse’s developmental theories, Korean economists first put forward the notion that balanced economic development and industrialization should replace an import-oriented economy. In addition, they argued that a new economic structure should be based on small businesses and private economic actors, while the government must take the initiative in expanding external economies and establishing basic infrastructure such as heavy and chemical industries.