1. East Asian Economies
March 16, 2015

2. China
Even though Communist governments typically have command economies, China is different
After Mao’s death and the failure of the Great Leap Forward, they moved away from the government control in the economy towards a more market-oriented economy
Their economy is considered a mixed economy because while there is some freedom, the government does still control some industries
The government relaxed their control of the land and allowed people to being farming their own crops again
Today, China is the world leader in the total value of agricultural products that are produced in a single country

3. Industry in China
Not only is China the world leader in agriculture, they are also the world leader in the total value of industrial products manufactured
30% of the total population of China works in some sort of manufacturing industry
Major industries include coal mining, consumer-product manufacturing (clothing, shoes, toys), transportation manufacturing (cars, trains, airplanes), and telecommunications equipment (cell phones)

4. Chinese importing and exporting
China exports the most goods to the U.S., Japan, and South Korea
Major exports include clothing and other manufactured products
China imports goods from South Korea, Japan, the U.S., Australia, and Germany
Major imports include oil, cars, and some agricultural products

5. Japan Japan’s economy is a mostly market economy
There is some government control over industry
Because the country is very small, there is not a lot of room for agriculture
Most people in Japan work in some sort of industry or business
Today, they are the world’s 3rd largest economy, only behind the U.S. and China

6. Trade in Japan
Japan has very few natural resources because of the small size of the country
They must import most of the raw materials needed for industry
Oil is one key material that must be imported
They get most of their oil from Saudi Arabia
They are among the world’s most technologically advanced producers of cars and electronics
Their main exports are cars and car parts/products

7. North Korea
North Korea is the closest to a pure command economy in the world
Because of the isolationist tendencies of the Communist government and refusal to trade, the country suffered from a famine during the 1990s
The government finally allowed some private farming in order to help the starvation problem plaguing the country
Because the government spends most of their money on the military, the people of North Korea are left to suffer with little food, little electricity, and few other basic needs

8. Trade in North Korea
North Korea’s major industries are military product manufacturing and machine building
These are their main exports
After the famine of the 1990s, the government finally allowed imports of agricultural products
They also import their oil supply
The only 2 countries they trade with are China and South Korea

9. South Korea
South Korea is a mixed economy that is mostly market with some government control over industry
Many families in South Korea are entrepreneurs and open their own businesses
They rely heavily on exports to help sustain their economy

10. Trade in South Korea
South Korea’s main industries include agriculture, car manufacturing, and electronics manufacturing
They major exports are cars, telecommunications products (cell phones) and other electronics
They export most products to either the U.S., China, or Japan
Even though one of their main industries is agriculture, they still must import a lot of food products because of the small size of the country
They also import oil from Saudi Arabia

11. Questions
1. How is China’s economy different from that of other Communist countries?
2. What products is China the leading manufacturer of?
3. What are China’s main industries?
4. What are China’s major exports?
5. What are China’s major imports?
6. What type of economy does Japan have?
7. Why is there not much agriculture in Japan?
8. What jobs do most Japanese work in?
9. Why does Japan have few natural resources?

12. More Questions 10. What is a key raw material that Japan must import?
11. What are Japan’s main exports?
12. What type of economy does North Korea have?
13. Why did North Korea suffer a famine in the 1990s?
14. What does the North Korean government spend most of their money on?
15. What are North Korea’s main exports?
16. What are the only 2 countries that North Korea trades with?
17. What type of economy does South Korea have?
18. What are South Korea’s major exports?
19. Why does South Korea import a lot of food?