Economy: Asia

China• 1. Calls itself a socialist market

economy

• 2. Was a command economy

• 3. Transitioning to a mixed market economy–A. China’s economy has grown in

the last 25 years

North Korea• 1. Command Economy

– A. Government controls all the resources and decides what is to be produced

– Farmers work on cooperatives - up to 300 families share the work

• 2. Economy is not growing– A. Government is making reforms– B. Massive food aid from other countries has

been needed to avoid starvation

Japan• 1. Mixed Market Economy

– A. One of the strongest in the world– B. Has built their economy around

manufacturing• A. Manufactures ships, cars, and electronics.

• 2. Government owns few businesses– A. DOES own TV network– B. Does oversee banking and trade

India

• 1. 1947 - Set up a command economy– A. Government controlled industries and

production

• 2. 1991 - becoming more of a mixed economy– A. Reforms have been good for economy, but

millions still live in extreme poverty