ended the First Republic, formed a liberal democracy, and formulated the first Five-Year Plans to develop the formerly neglected economy. The May 16 coup and the establishment of the SCNR, led by Major General Park Chung-hee on 16 May 1961, put an effective end to the Second Republic. Park was one of a group of military leaders who had been pushing for the de-politicization of the military. The Miracle on the Han River began with the Five-Year Plans of South Korea was an economic development projects implemented by President Park Chung-hee, South Korea received US$800 million from Japan under property claims, and was mostly dependent on foreign aid, largely from the U.S. in exchange for South Korea's involvement in the Vietnam War. South Korea's first diplomatic relations with Japan were established under the Third Republic, and South Korea-Japan relations were normalized in the Treaty on Basic Relations signed on 22 July 1965, and in an agreement ratified on 14 August 1965. Japan agreed to provide a large amount of compensation, grants, and loans to South Korea, and the two countries began economic and political cooperation. Africa On 1 September 1969, the Libyan monarchy was overthrown, and a radical, revolutionary, government headed by Col. Muammar al-Gadaffi took power. On 1 October 1960, Nigeria gained its independence from Great Britain. South America In 1964, a successful coup against the democratically elected government of Brazilian president João Goulart, initiated a military dictatorship that caused over 20 years of oppression. The Argentine revolutionary Ernesto "Che" Guevara travelled to Africa and then Bolivia in his campaigning to spread worldwide revolution. He was captured and executed in 1967 by the Bolivian army, and afterwards became an iconic figure for the left wing around the world. Juan Velasco Alvarado took power by a coup in Peru in 1968. Economics The decade began with a recession from 1960 to 1961, at that time unemployment was considered high at around 7%. In his campaign, John F. Kennedy promised to "get America moving again." His goal was economic growth of 4–6% per year and unemployment below 4%. To do this, he instituted a 7% tax credit for businesses that invest in new plants and equipment. By the end of the decade, median family income had risen from $8,540 in 1963 to $10,770 by 1969. Although the first half of the decade had low inflation, by 1966 Kennedy's tax credit had