This article explores the role of the Korean government in expanding private higher education over time and attempts to examine the impact of such expansion on access to and equity in higher education. The enrolment rate in Korean higher education has increased to over 80% within the past 60 years. This can be attributed to two factors: the rapid expansion of private universities which currently enrol about 80% of undergraduates, and the Koreans' educational aspirations rooted in the cultural esteem for education. The government's role is also paramount in the expansion by deregulating private universities. However, higher education expansion, mainly led by private resources with minimal government funding, has resulted in educational inequity. The Korean case demonstrates the importance of maintaining a balanced act between regulating and promoting the expansion of private higher education for a developing economy. (Contains 2 notes, 6 tables, and 1 figure.)