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Originally a command economy
Mao Zedong-decided how much of the country would remain farm land and how much would become industrial
Great Leap Forward-1950s; an economic failure to reorganize farm land into collectives
Cultural Revolution-1960s; an economic and cultural failure to do away with all things “old”
Four Modernizations-1970s; farmers were given more control
Allowed to sell surplus products and keep profit
Shift away from heavy industry and to consumer goods
Factory employees made more decisions
Special Economic Zones-set up along coastal areas to encourage foreign companies to do business
Coastal areas prospered
Farming and country areas fell behind
People began to leave the country and move to the city in search of opportunities
This led to increased and rapid growth in cities
More small businesses but government still has final authority
Tremendous growth in the cities
More market economy
Blend of traditional and modern economy and traditions
½ of population still in agriculture with rice and wheat main crops
Green Revolution-1960s; introduction of new seeds, fertilizers and pesticides
Very expensive for farmers
Led to increased water pollution for rivers and streams
Growth in technology and service industry
Movie and film industry-”Bollywood”
A growing middle class
Mixed economy
One of most technologically advanced economies
Japan has invested heavily in its human resources to produce educated skilled laborers.
NO military budget allows for nation to spend $ on economy (industry and technology)
Since there is very little farm land and few natural resources, raw materials, food, and oil must be imported
One of Japan’s largest industries is fishing
Government sets tariffs on imported goods that may compete with similar Japanese goods
Ministry of International Trade and Industry
Government group helps companies decide what products will sell best on the global market
One of the world’s least open and most government directed economy
Communist party in control; specifically Kim Jong Un (son of Kim Jong Il)
Government owns all land and factories; decides what jobs will be done and who will do them
Cooperatives-organized farms owned by government
Some mineral resources (coal, iron)
Production of steel and machinery is the leading industry
Government spends much $ on military rather than economy
1990s-much starvation from poor harvests
NK refused aid and did not receive aid from Soviet Union (a typical source of aid)
Flooding in 2007 made problem worse