A Comparison Of The Australian And North Korean Economies

1834 words - 8 pages

Australia:Australia's economy is labelled as 'mixed-market' -this involves both individuals and the government playing a role in the economy. What to produce is determined by the interaction of consumers, businesses and the government in the market place. Consumers are sovereign in the market place because although business people try to influence what they buy through advertising, it is ultimately consumers' decisions that prompt them to produce one good over another. Australian individuals have quite a lot of economic freedom however the Australian economy works within an overall framework of government regulations which safeguard society. The government legislates hours of work and ...view middle of the document...

Much of the government expenditure is transferred to military expenditure thus illuminating the reasons as to why North Korea has one of the largest standing armies in terms of man power in the world. The distribution of what is produced takes place when such an occasion arises however due to poor conditions in the country starvation has been a large problem for the North Korean government which in turn reflects on the dilapidation of the Korean Economy to have such a large amount of starvation in need of aid from foreign countries. Due to the North Korean Governments economic policy of "juche" meaning isolation the economy is now in desperate need of reform, there are some measures been put into place to lift the economy such as a vague resemblance of free enterprise in the agricultural sector however it is not to the extent needed to bring North Koreas economy up to a reputable standard.Comparison of Economic growthNorth Korea's economic growth has declined from a 3.7% growth rate in 2001, 1.2% growth rate in 2002 to an estimated 1% growth rate 2005, estimated from 2003 readings. In terms of economic growth North Korean has seen the exact opposite in recent times experiencing a decline on a rapid scale. Economic growth during the period 1984-88 averaged 2%-3%, but output declined by an average of 4%-5% annually during 1989-96 because of systemic problems and disruptions in socialist-style economic relations and technological links with the former USSR and China. Australia's economy a like North Korea's strengthened in a sharp contrast to the weakening seen in the rest of the world. Since Australian is a trading nation, and can be described as "riding on the sheep's back" . It is highly exposed to world markets. In the slump of the US equity markets totalling in 8 trillion in the value of American companies, Australia managed to put on an economic growth of between 3.75 and 4% . The reason for this growth was that Australia did not fall into the crash of technology stocks, the so called 'tech wreak' mainly because Australia had not become so caught up in the mania surrounding the dotcom and telecommunications companies.UnemploymentUnemployment statistics in North Korea are not exactly specified in any government or individually researched sources how ever employment rates shown through research have shown 33.2% of the employment sector are engaged in agriculture, 33.8% in industry and 36% involved in services. This may not state unemployment levels but can only show how much of the workforce is engaged in different sectors, it is unknown as to actually how many are unemployed, recent aid programs would suggest a large scale of unemployment which has resulted in starvation much unlike Australia.Australia's unemployment is the lowest it's being in several years, this is a result from a long period of sustained growth Since the 1990s where Australia experienced its highest level of unemployment since the Great Depression of the 1930s of 10.7%....

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