the October Restoration, dissolving the National Assembly, suspending the constitution, and declaring martial law across the country. Universities were closed, media outlets such as the press, radio and television were subjected to increased censorship, and speech was significantly restricted. Park commissioned work on a brand new constitution, which was completed on 27 October by the emergency State Council. The new constitution, known as the Yushin Constitution, was highly autocratic and authoritarian in design, lacked provisions regarding presidential term limits and elections were extended to every six years – essentially guaranteeing presidency for life for Park Chung-Hee. On 21 November 1972, the Yushin Constitution was approved in the 1972 South Korean constitutional referendum with 92.3% of the vote and came into force, dissolving the Third Republic and establishing the Fourth Republic of Korea in its place. Economy The South Korean economy grew rapidly during the Third Republic and the government continued to economic development priorities set by the Supreme Council. The South Korean government used the influx of foreign aid from Japan and the United States to provide loans to export businesses with no interest, and also provided financial support for industrial projects, such as the construction of the POSCO steel mill. The Third Republic saw the first major construction of infrastructure in southern Korea since the Japanese colonial era, with many new roads, railways and airports being built across the country. The Third Republic saw the first major growth of the chaebol, the large industrial conglomerates in South Korea that are run and controlled by an owner or family. When the Supreme Council came to power in 1961, they promised to tackle the corruption in the business world that had plagued the First Republic, and this was continued by the new government. However, despite some leading industrialists being arrested and charged with corruption, the new government realized that it would need the help of entrepreneurs if the government's ambitious plans to modernize the economy were to be fulfilled. A compromise was reached, under which many of the accused corporate leaders paid fines to the government. Subsequently, there was increased cooperation between corporate and government leaders in modernizing the economy. South Korea's economic boom came at the expense of severe restrictions on workers rights, and labor movements that arose during industrialization to secure greater protections for workers were actively suppressed by the Third Republic government. The Third Republic continued the program