What If the Korean Second Republic survived?

[Time Enough]

The Korean Second Republic was a sad affair, a nation brought about a revolution, the brief democracy of the Second Republic would be crushed by the coup of Park Chung Hee.

But what if it survived?

Now the initial period would be not great, though the government of Chang Myon was beginning to implement an Economic Planning program.

The Democratic Party probably see’s a split between the Older Conservative wing and the Newer Liberal wing, with the Democratic Old Guard probably relying on the support of the Army to keep control.

 

[Vinization]

I found some interesting bits of information about Park's coup on the Wikipedia article about it.

Over the course of the next half-year, the coup plans became an open secret within the military. Park failed in winning over the army's Counter-Intelligence Command and the armored Ninth Division, but neither organization reported the plans to higher authorities, allowing the planning to proceed unimpeded.

Finally, on April 10, 1961, Park took the initiative in revealing the details of the plan to Chang himself.[28] Chang's subsequent ambivalent response was decisive in allowing the coup to take place. While he turned down the leadership position offered to him, he neither informed the civilian government of the plan, nor ordered the arrest of the conspirators.

At some time shortly after this, the May 12 plan was finally leaked by accident to the military security forces, who reported it to Prime Minister Chang Myon and Defense Minister Hyeon Seok-ho. Chang Myon was dissuaded from commissioning an investigation by the intervention of Army Chief of Staff Chang Do-yong, who convinced him that the security report was unreliable. Pervasive unrealized rumours of the imminence of a military coup also contributed to Chang Myon's decision, and the report on the May 12 plan was dismissed as a false alarm.

So the POD should be fairly easy to implement: someone in the military informs the government of what's going on, and Chang Myon acts on it.

As for the government's plan for the economy, was it any similar to what Park eventually enacted? If so, perhaps all they'd need was some time for it to bear fruit.

 

[Time Enough]

So the POD should be fairly easy to implement: someone in the military informs the government of what's going on, and Chang Myon acts on it.

I have heard that folks in the military knew what was going on, but the coup succeeded more due to apathy and spire towards Chang Myon than any love for Park. It’s incredibly easy to have someone act on the coup, given how the Americans and Korean people supported the government.

As for the government's plan for the economy, was it any similar to what Park eventually enacted? If so, perhaps all they'd need was some time for it to bear fruit.

The initial Five Year Plan followed similar ideas of investing in Heavy Industry and all that, though you are unlikely to see support from Japan (Korean-Japanese relations won’t be normalised for a long time) and it will probably be slower to implement the plan due to running it by a Democracy that’s still new. On the other hand, the Vietnam War is just around the corner and the Koreans made lots of money from support towards the War Effort there (Ala the same happening in Japan during the Korean War).