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North Korea uses its own form of Socialism, Juche. It is highly centralized. Its economic development was successful and rapid after the Korean War. However, in the 1980's North Korea's neighbor, South Korea surpassed it economically. Along with natural disasters and the collapse of the Socialist Market namely the U.S.S.R. led to the economic collapse of North Korea. Since then it has allowed special free market investment areas and is slowly recovering.
North Korea is a communist planned economy
South Korea is a free market capitalist economy
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What is the difference between North Korea and South Korea economies?
North Korea's economic system is restricted due to it's communist form of government. South Korea's economic performance has no restrictions.
What are the differences in social culture and economic structure of south Korea and north Korea?
nothing
Why did North Korea disagree with South Korea?
north korea supported a communist government with support from the soviets. south korea supported a democratic system with american support
How rich is North Korea?
North Korea is often described as one of the poorest countries in the world. The country has a centrally planned economic system with limited access to global markets, resulting in a low GDP per capita. Additionally, stringent economic sanctions imposed by the international community further restrict North Korea's economic growth and ability to generate wealth.
Is the republic of Korea the same as north Korea?
Presumably so, as North Korea is a Communist state and not a Republic ___________________________________________________________________ Republic of Korea is the official name of South Korea and North Korea is referred as Democratic People's Republic of Korea North Korea is still a republic because it is called the Democratic (yeah right) REPUBLIC of Korea
What countries has an economic system in which the central government decides what how and for whom to produce?
North Korea
What is the difference between North Korea and South Korea economies?
North Korea's economic system is restricted due to it's communist form of government. South Korea's economic performance has no restrictions.
Which countries has an economic system in which the central government decides what how and for whom to provide?
North Korea
What countries has an economic system in which the central government decides what and for whom to produce?
North Korea
Is both South Korea and North Korea are command economic country?
NO. Only North Korea is. South Korea is capitalist.
What country has a one party system?
North Korea
Is china helping North Korea?
YES. China provides economic AID and diplomatic protection for North Korea. It is North Korea's primary backer.
What are the main economic activities in North Korea?
agriculture
What are the differences in social culture and economic structure of south Korea and north Korea?
nothing
Is North Korea an LDC or MDC?
North Korea is a Low Developed country and has been said to have major economic crisis.
What country has a similar economic system as North Korea?
There is no country in the world that has the kind of autarkic, state-run economy and shadow economy as North Korea, but the "country" that would come the closest would be Hamas-controlled Gaza.
How is north Korea's government different from south Korea's government?
South Korean system is similar to that of the US. North Korean system is similar to that of Hussein's Iraq.
