2.  Originally a command economy  Mao Zedong-decided how much of the country would remain farm land and how much would become industrial  Great Leap Forward-1950s; an economic failure to reorganize farm land into collectives  Cultural Revolution-1960s; an economic and cultural failure to do away with all things “old”  Four Modernizations-1970s; farmers were given more control  Allowed to sell surplus products and keep profit  Shift away from heavy industry and to consumer goods  Factory employees made more decisions  Special Economic Zones-set up along coastal areas to encourage foreign companies to do business

3.  Coastal areas prospered  Farming and country areas fell behind  People began to leave the country and move to the city in search of opportunities  This led to increased and rapid growth in cities

4.  More small businesses but government still has final authority  Tremendous growth in the cities  More market economy

5.  Blend of traditional and modern economy and traditions  ½ of population still in agriculture with rice and wheat main crops  Green Revolution-1960s; introduction of new seeds, fertilizers and pesticides  Very expensive for farmers  Led to increased water pollution for rivers and streams

6.  Growth in technology and service industry  Movie and film industry-”Bollywood”  A growing middle class  Mixed economy

7.  One of most technologically advanced economies  Japan has invested heavily in its human resources to produce educated skilled laborers.  NO military budget allows for nation to spend $ on economy (industry and technology)  Since there is very little farm land and few natural resources, raw materials, food, and oil must be imported  One of Japan’s largest industries is fishing  Government sets tariffs on imported goods that may compete with similar Japanese goods  Ministry of International Trade and Industry  Government group helps companies decide what products will sell best on the global market

8.  One of the world’s least open and most government directed economy  Communist party in control; specifically Kim Jong Un (son of Kim Jong Il)  Government owns all land and factories; decides what jobs will be done and who will do them  Cooperatives-organized farms owned by government  Some mineral resources (coal, iron)  Production of steel and machinery is the leading industry  Government spends much $ on military rather than economy

9.  1990s-much starvation from poor harvests  NK refused aid and did not receive aid from Soviet Union (a typical source of aid)  Flooding in 2007 made problem worse