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Why did South Kore developed more than North Korea? - Coggle Diagram
Why did South Kore developed more than North Korea?
North Korea
Factors that affected North Korea's economic development
Continuous development of nuclear weapons
North Korea's continuous development in nuclear weapons is one reason that the country became isolated from world.
https://www.bbc.com/news/world-asia-pacific-15256929
In 2016, North Korea spent $4 billion, about 24%of the GDP on defense spending.
Due to huge spendings on military, the government does not care about economic developments, well-being of the citizens, and human rights.
https://www.investopedia.com/articles/investing/013015/how-north-korea-economy-works.asp
Dictatorship
Kim Jong-un is the third supreme leader in the Kim dynasty
So new technologies from other countries are not able to be imported. This leads to less development of the country.
They control all the informations coming into the country and going out to the world.
They present pre-tuned propagandas to the citizens by TV and radio.
Current economy (Wikipedia)
GDP RANK: 198th(2020)
60% of the citizens live below the poverty line
GDP: $19.0 billion (nominal, 2021)
https://en.wikipedia.org/wiki/Economy_of_North_Korea
South Korea
Current economy (Wikipedia)
GDP: $1.80 trillion (nominal, 2021 est.)
14.4% of the citizens lives below the poverty line(2016)
GDP RANK: 10th(2020)
https://en.wikipedia.org/wiki/Economy_of_South_Korea#Data
Factors that affected South Korea's economic development
Democracy
Unlike North Korea, South Korea became a democracy country after few dictations. Therefore, the citizens were able to vote for themselves and speak their thoughts freely.
The freedom of export and import made the national companies like Samsung and Hyundai to a worldwide company.
Democracy also developed South Korea's art, music and film industries. They are able to express anything they want, even though that critics the government. Because of freedom of expression, films and musics are loved by worldwide.
The will and aspiration of the people
In 1997 the Asian Financial Crisis hits South Korea. The country was about to be bankrupted. So to pay the loans, South Koreans participated in the gold collecting campaign.
They sold all the golds in their houses and raised $2.2 billion. This campaign had a lot of criticism, but it helped the country not to be bankrupted.
http://www.koreanlii.or.kr/w/index.php/IMF_Crisis?ckattempt=3
https://en.wikipedia.org/wiki/South_Korea_and_the_International_Monetary_Fund#The_Asian_Financial_Crisis