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Why North Korea has not developed an economy comparable to South Korea is a complex issue. One reason is that North Korea has faced repeated sanctions from the UN.
North Korea and South Korea had comparable economies until the mid-1970s. South Korea chose to embrace a Westernized Capitalist economy and was able to modernize alongside Japan and Taiwan in developing a first-world modern economy. Conversely, North Korea continued to become more autarkic and slide into increasing forms of state-planned economy. Without innovation and a strong private sector, North Korea's economy continues to shrivel whereas South Korea's economy continues to grow and develop.
Wiki User
∙ 9y ago
Wiki User
∙ 13y agoGreat Question, After the Korean War and North and South Korea began to rebuild. North Korea achieved this faster with Soviet backing than the South did with American backing. The North formed a great health care system, trade with many socialist countries, developed its infrastructure, and successfully rebuilt its economy. By the 1960s North Korea had a higher standard of living, larger GDP per capta, and higher life expectancy than the South. This trend continued until the 1980's when South Korea's growth exceeded the North. North Korea continued to grow however until the 1990's.
In 1994, the president died leading to a power struggle among the government, unprecedented natural disasters occurred, the collapse of the USSR and the entire socialist market, and other factors led to the entire collapse of the Norths economy and a famine. Now North Korea is slowly recovering but is less prosperous than South Korea.
Wiki User
∙ 13y agoSouth Korea is capitalist, north is communist.
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Is South Korea good?
i think south Korea is much better than north Korea i think the good country and so so rich people is south Korea Bangladesh India usa(rich and good) Canada
Is there oil in North Korea?
No there is no oil found in North Korea. As they would be rich and now they are asking the South Korea and the U.S.A to sell them rice.
In the Korean war what were the objectives of north Korea and south Korea?
North Korea: Take over all of South Korea South Korea: Defend South Korea north korea wanted to take over korea under communist rule, because north korea was stronger and richer than south korea at that time because of soviet back up. they say they wanted to make the south rich together with them, but it was to spread communism and take over south korea, and the north became reckless because of soviet backup. the objective of south korea was obviously defend south korea.
Is life in Korea poor or rich?
South Korea is Rich. The country is a developed country. (North Korea is very, very poor because of its style and history of government).
How did the Korean War effect the Korean culture?
nothing, just that north Korea, and south Korea, were separted, so the north Koreans, can't watch our tv. or south Korea tv. they die in streets, poor people but south Korea they are pretty rich.
Is Korea a democratic country?
it's stupid question, you're asking for is America a country? yes, of course it is.
Is north Korea poor?
Yes It is, Shame on them! Hahahaha! South Korea is the rich one, Since Communism spread throughout north korea, They took one deep dive.
In East Asia what two independent countries are located on a peninsula?
the Korean peninsula: includes both south and north Korea
The governmants of North Korea and South Korea?
North Korea- Communist South Korea- Presidental
What are the countries north of the Philippines?
north and South Korea
Who is communist north Korea or south Korea?
North Korea is communist South Korea is capitalist
What is South Korea north of?
North Korea.... -_-
