Terrence Blake
North Korea

North Korea: North Korea is one of the world poorest and least developed countries. North Korea GDP per capita of less than $2,000. It is a Central planned System economy. North Korea economy is isolated from that of the rest of the world. The central people’s committee (CPC) is in charge of economic policy, but the state planning committee translates the goals into specific annual and long-term development plans. Market elements had been suppressed almost completely. The government is the dominant force in the development and management of the economy. Twelve committees and sixteen departments are involved in economic management. The result is inefficiency, poor quaintly, and limited product diversity. Inefficiency creates bottlenecks which led to diminishing returns. This limits North Korea producers, which prevents them of taking advantage of economics of scales. Economy: North Korea, one of the world’s most centrally directed and least open economies. Industrial capital stock is nearly beyond repair as a result of years of under investment. Shortage of spare parts, and maintenance, large scales military spending draws off resources needed for investment and civilian consumption. International food aid has save the people of North Korea to escape widespread starvation. Crackdown on markets and foreign currency creates shortage and inflation. Following world war two, Northern half of Korea came under control of the Soviet sponsored Communist president Kim Jung. He adopted a policy of ostensible diplomatic and economic “self-reliance” as check against outside influences. The communist state also adopted a one-man dictatorship, leaving Kim Jung son as his successor. The legal system is based on communist legal theory. Cabinet are appointed by the supreme people’s assembly. Judicial branch is elected by the same party control members. All political parties and leaders are under Kim Jung control. After decades of economic mismanagement and resources misallocation, Kim Jung son took his father position as supreme ruler.

Australia In recent decades, Australia