SS7E8c: Compare and contrast the economic systems in China, India, Japan, and North Korea.

40 % of the Chinese economy is still based in state-run industries 60% of the economy is based on the private sector in where producers and consumers make production decisions Communist govt has final say in all economic matters Mao Zedong’s Great Leap Forward failed and China has since began giving citizens more economic freedom (becoming more market oriented) Place on the continuum: China is slightly on the market side of center on the continuum.

Govt controls basic industries and influences agriculture and industry, but free enterprise and entrepreneurship are common India has an increasingly educated workforce particularly in areas of engineering and computer science. Since 1991, India has slowly allowed the markets to open up to private sector domestic and foreign businesses. Place on the continuum: India would be more to the market side of the continuum than China.

Huge investment in human and capital resources Very high literacy rate, GDP, and per capita income Japan has one of the most developed economies in the world Japan’s economy is primarily market driven with supply and demand determining what will be produced. The few industries that are highly government-controlled, such as agriculture, have much lower productivity rates than those industries controlled by market forces. Private businesses determine their own production processes in most of the economy. Place on the continuum: Out of all four countries in this element, Japan would be the closest to the market side of the continuum.

Govt owns all land and resources No entrepreneurship allowed Although there have been some small market reforms recently, the majority of legal economic activities are centrally controlled by the government. Approximately one fourth of all domestic output is devoted to maintaining the military. This severely limits the amount of goods and services that make it to the rest of the people of North Korea. Place on the continuum: North Korea would be much more to the command side of the continuum than any of the other nations discussed. One of the most command economies in the world today.

SS7E10: The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan.

Natural Resources Fertile farm land Tea, rice, wheat Gem stones, coal Coastal fishing Capital Resources Top 10 industrial nation Improve farming equipment and irrigation during the Green Revolution (produce more crops for growing population) More factories and machinery Communication and computer technology Human Resources Govt improved farming and irrigation techniques Improved investment in education (in urban areas) English as second language helps workers create computer software products and technical support

Natural Resources Farmland along rivers in eastern China Rice and wheat Coal, iron ore, and oil Coastal fishing Capital Resources Four modernizations : govt investment in farming, industry, military, and technology production Leading exporter of consumer products Human Resources Access to education in urban areas Large populations in rural areas remain poor and undeveloped

Natural Resources FEW NATURAL RESOURCES Coastal fishing Must import most of raw materials they use to manufacture products Capital Resources Highly industrialized Advanced technologies Robotics Motor vehicle and electronics production Human Resources Population is Japan’s BEST resource Highly educated, trained, and skilled workers Great work ethic Companies reinvest money in their workers to improve efficiency, production, morale