This paper aims to discuss the relationship between the form of knowledge and the time consciousness that have been reified through Changjak-gwa bipyeong, a quarterly literary magazine that has been published continuously since its first issue in 1966. Changjak-gwa bipyeong adopted a form of historical writing that attempted to recover the colonialist perception of history,advancing the theory of internal development as its main theme. This paper calls its historical consciousness “time of a nation”—a consciousness that meaningful capitalist development or modernization must be initiated by a nation not by a ruling political power or specific class. In the 1970s, the key writers of Changjak-gwa bipyeong took a stand against the trend that supported the urban- and elites-centered literature and advanced the “theory of peasant literature” (nongmin munhangnon) and contributed to forming the framework of “the people and the intellectual.” The intellectual movements led by Changjak-gwa bipyeong in this period highlighted critics and historians with adequate historical consciousness as the most awakened citizens and, thus, emphasized the need for persistent critical writing as a vital practice for intellectuals.