Questions
Which country of the two you selected has implemented the most preferable economic policies?
I will choose South Korea. If we adopt North Korean economy system, our country can’t grow up. North Korean economy system’s weakness point is that give same pay for worker. Everyone go to use this point that don’t work and get same pay with work hard worker. So i will choose South Korea economy system.
To what extent, if any, should governments try to manipulate the economy?
Yes. South Korea manipulate the economy well. As i mention before Korean live well now. Because government choose right thing. But North Korea, I think they can’t handle their economy. They all ways want fight and this situation will drop down their economy growth.
Posted on January 20th, 2015
Governments interacting with the economy
Monetary and Fiscal Policies
South Korea
Korea choose big monetary unit. (Like 50000 won) In Korea, Korean call it won. In other hand, Korea have big central bank called 'Hancuk Bank’. Korean support the government because they lead economy well.
North Korea
North Korea choose small monetary unit than South. In North Korea, they also called it won. Also they have central bank. Nations don’t support them, but country can give menace to them. So they can’t defiance.
Posted on January 20th, 2015
Just Goverment
South Korea
What type of governments do they have?
South Korea adopt democracy. South Korea is republic. Also they choose mixed economy.
North Korea
What type of governments do they have?
North Korea adopt socialism. There is dictatorship. They choose planned economy.
What are the goals of these different governments?
South Korea want individual benefit and North Korea want equality.
Posted on January 20th, 2015
Compare South Korea and North Korea
South Korea choose democracy and North Korea choose socialism.
Also, South Korea adopt republic, North Korea adopt dictatorship.
Total GDP
South $1.449 trillion
North $40 billion
GDP per capita
South $32,020
North $1,800
Economic Growth
South 2.1%
North 1.1%
Unemployment
South 3%
North Unknown
Posted on January 20th, 2015