World Cultures and Geography
The Economies of East Asia
- North Korea
- South Korea
Although it has begun to change, China's government controls most of its economy. It owns all financial institutions, such as banks, and the larger industrial firms. The government also sets the prices on goods and plans the quantity of goods each worker should produce. China has put a strong emphasis on industry and has become the worlds largest producers of cotton cloth and of the two metals tungsten and antimony. Another large industry in China is farming. China is the worlds largest producer of rice.
South Korea's Economy
Since the 1960s, South Korea's economy has changed drastically. It used to be all small subsistence farmers. Since then the government has supported in the expansion of the textile industry and building of factories. Today, South Korea has one of the strongest economies in the world.
China's Economic Transformation | Inside China | CNBC International