This chapter explores the characteristics of the classical developmental state in Korea in the Park Chung Hee era of the 1960s and 1970s, how it was established, and how it evolved. Neoliberals emphasize the free market of the 1960s in the Park Chung Hee era. By contrast, most developmental state (DS) scholars focus on the HCI drive of the 1970s to identify the typical developmental state in Korea. However, unlike the arguments of neoliberals and DS theorists, this chapter reveals that the basic characteristics of the Korean classical developmental state, including state-guided capitalism and export-led industrialization, were already established in the 1960s, although the 1970s saw a shift to an extreme variant of developmental state. In addition, unlike historical institutionalists’ emphasis on historical legacy of Japanese colonialism, this chapter emphatically examines the political process of elite competition for the origin of Korean DS.