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