North Korea and South Korea are similar but yet different in many ways, such as in economies. North Korea’s economy seems to need support from other countries to survive. South Korea’s seem too able to rebuild their economy even stronger than it was before from the Korean War.
North Korea is under a strict communist dictatorship. N. Korea’s leader is Kim Jong II. He came to power in 1994 after his father died. North Korea has a large military and command economy. The average Korean person lives in poverty. The impoverished population is dependent on government taxes in housing and food. The farming is based on inefficient communist state farms. Drought and floods cause food shortage. In 1990, when the Soviet Union aid collapsed, North Korea economy collapsed with it. South Korea’s economy is military dominated. In South Korea, there is more rights and freedom than North Korea. With the help of U.S., they were able to recover after the Korean War. They developed from a poor country into an industrial export economy in just a few years. Now, South Korea has major industries such as shipbuilding, steel, automobiles, textiles, and electronics. In order to rebuild their economy, they set up a business model.
Chaebol is a family-owned business, dominated South Korea economy and political system. They control about all of the manufacturing and exports in South Korea, with this factor it prevents competition from other countries and led to corruption and debt. South Korea’s government passed out forms to improve their country economy with ideas of have an open market to foreign investment and competition. S. Korea’s capital, Seoul, is the growing industrial center of South Korea. Seoul became successful after the Korean War. South Korea economy is a market economy system and North Korea has central planned economy. South Korea market economy has improved, in thing such as GDP of domestic product, since the Korean War.
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Topic: North and South Korea
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