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
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