The North Korean Economy

In 1910 to 1945 Korea was dominated by Japan, but later, Korea could regain their freedom with the help of America and Soviet Union on Aug. 15, 1945. At the time, America and Soviet Union were in alliance. After regained, Korean polities reformed quickly as democracy and they tried to elect a new president. However, there had one big problem that America wanted Korea to be democracy nation, but Soviet Union Wanted Korea to be communism nation because America pursued democracy, but Soviet Union pursued communism. Therefore, people were divided into two support groups with democracy and communism polities. Two support groups formed antagonistic relationship each other and it started Korea War what caused division South Korea into North and South …show more content…
If North and South Korea reunify, Korea’s economy would be difficult because South Korea need to help North Korea for meaking both Koreas’ economic evenness. North Korean economy has been harder and they depend on international humanitarian relief for over than 10 years. Furthermore, earlier on 2011, North Korea demands WFP (United Nation World Food Program) to help North Korea with foods. Likewise, North Korean economy get harder than past and many North Koreans are starved. So, If North and South Koreas reunify, Korean economy would be stuck because South Korea will spend a lot of money and more pay attention to North Korea for raising up North Korean economy than Korean economic development. However, some experts say North and South Korea could overcome this problem. According to Martin from the article" Lessons Learned, South Korea Makes Quick Economic Recovery"," …But South Korea was able to bounce back and resume the soaring growth rates that have enabled its gross domestic product to double since 1998, catapulting South Korea into the ranks of the world 's wealthiest nations". South Korea 's economy almost collapsed in 1997 because many large of South Korea 's industrial companies was in economic trouble, like Daewoo group that was one of the biggest Korea 's company that affected Korea 's economies. Above situation has been called IMF. However, now South Korean economy ranking has become in 15th largest in the word. Some countries use a data that South Korea experience that how overcome their severe economic problem for getting over their hard economy. Nowadays, South Korea’s economy is more activation and improvement than past South Korea in 1997. If Korea would encounter hard economy after reunified, they would overcome the economic problem