Is North Korea A Command-Based Economy?
A command-based economy is defined as an economy to which the government holds most of the control. The National Post’s article “North Korea has a new budget and it’s full of fiscal hijinks” explains how the government regulates and controls most and almost all the economic budget in North Korea. This was the first hint that North Korea would be a command economy as market-based economies focus on capitalism and the government has little to no control over businesses. In the case of North Korea, Kim Jong Un faces all the economic challenges, however, the article states that ever since he has rose to power in 2011 that the country has faced tremendous economic growth. It is quite evident from the article that the government controls all the resources and how they are separated into the economy and it seems as if Kim Jong Un is the person in control as he is looked up to and is responsible for all the economic growth that has been taking place. …show more content…
Resultingly, Kim and the government set prices for goods and services and decides how much to make available. Whereas, a market-based economy focuses on the principle of supply and demand. This means that businesses must decide the relationship between supply and demand for their products in order to adequately price their products on the
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