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South Korea's economic development, often referred to as the "Miracle on the Han River," was driven by a combination of government-led industrialization, export-oriented policies, and significant investment in education and technology. Starting in the 1960s, the government implemented five-year economic plans, focusing on key industries like textiles, electronics, and automobiles. Additionally, the establishment of chaebols—large family-owned conglomerates—helped propel industrial growth. This strategic approach, along with foreign aid and investment, laid the foundation for South Korea's transformation into a global economic powerhouse.
What else can I help you with?
Is North Korea a command economy or a free economy?
North Korea has a command economy.
Why does North Korea have a mixed economy?
North Korea does not have a mixed economy. It has a command economy or centrally planned economy because the government controls everything in north Korea.
What are the plans of kim jong-un for north Korea?
He wants to reform the economy, feed his people and develop relations with China and Iran.
What type of economy does South Korea have?
South Korea has an export economy.
Is South Korea a capitalist?
The economy of South Korea is a capitalist that exists in a mixed economy. The economy system of South Korea, combines both the public and private companies.
What is the economy in South Korea?
average or command economy.
How would you categorize north Korea and south Korea's economic system?
· North Korea is a planned and isolated economy also they have a lack of arable land. But on the other hand South Korea they have an high-tech modern world economy South Korea joined the trillion dollar club of world economy.
Who controls North Korea’s economy and owns and runs all factories and farms?
Who controls the economy in North Korea? The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2021, North Korea continues its basic adherence to a centralized command economy.
Does North Korea have an Command Economy?
North Korea has a command economy.that they developingsee link below
Was North Korea communism or capitalism during the Cold War?
The economy of South Korea is a capitalist that exists in a mixed economy. The economy system of South Korea, combines both the public and private companies.
What countries have planned economy?
korea
Does North Korea have a weak economy?
Absolutley there barely is even an economy North Korea mostly focus all their money to the military
