Globalization and Free Trade

North Korea’s economy is very different then the United States’ economy. Even though one dollar in American money doesn’t seem much to us Americans, it is worth nine-hundred dollars in their currency. North Korea’s main sources of income are military products, machine building, electrical power, chemicals, mining, metallurgy, textiles, food processing and tourism. North Korea’s overall condition of the economy is not good.

Following the Korean War and the rebuilding of their societies, both North Korea and South Korea’s economies have depreciated and fluctuated. With their different economic systems, one using the military and the other using trade, they both have received different results.

This paper will delve into the little known aspects of North Korea. Hopefully, a better understanding of the country’s characteristics can benefit both the neighboring

In 2015, South Korea’s gross domestic product (GDP) was 1.377 trillion dollars (“South Korea GDP, 2017). Comparatively, North Korea’s GDP in the same year was a paltry 16.12 billion dollars (North Korea GDP, 2017). The country is also ruled by an authoritarian dictator whose sole agenda is developing nuclear weapons to inflict mass casualties. On the other hand, South Korea has gone on to make popular consumer products through reputable companies such as Samsung and Hyundai. Aside from protecting a nation from the clutches of dictatorial leaders, the US’s involvement in the Korean War helped to prevent the forceful spread of an imperialistic version of communism that was being perpetrated by North Korea and

The impact North Korea poses on the global community outweighs its geographical size. Having only a landmass about the size of Mississippi, North Korea houses a population of 23 million people. This small communist county is one of the most isolated and controlled places in the world. Formed after World War II and having only two leaders during its time of existence, this country has displayed defiant acts against the global community throughout its history. Currently under heavy sanctions by the U.N., North Korea illustrates a blatant disregard to international law through trade of prohibited goods. Its obsession with nuclear weapons in recent years, its continuous disregard to human life and its affiliation to terrorism creates fear

Understanding how North Korea as a country defines itself in a changing world. Where do they derive their customs and practices, political standings and military power? Define North Korea’s history leading into the modern age and define its culture and characteristics and how they interact with the world today. Understanding a subject as broad as the term culture begins where the culture began with the birth of civilization and the people that influenced it. There are many factors that play a role in the shaping of a nation none so much as turmoil and conflict and the Korean peninsula saw its fair share for the better part of a millennia. A complete statistical breakdown of North Korea shows a struggling nation that strongly depends on

Between Hayek, Friedman, Keynes, and Smith, Smith has likely had the greatest positive impact on the U.S. free enterprise system. Although some point out that he did not include many original ideas, his book, Wealth of Nations, compiled many ideas into one cohesive work, and it popularized the specialization of labor- the natural movement of markets into efficiency by drawing on the self-interests of producers, rather than depending on their goodwill as might communism or socialism-as well as promoting free-trade between nations by arguing that both sides would benefit from that kind of trade. This argumentation in favor of free-trade led to its wide-spread adaptation around the world, making the modern integration of far-reaching markets

Although the people of North and South Korea speak the same language, they have many different ideas and cultures that have developed after the two countries split apart. The market economy of South Korea has done a lot to improve the overall economy of the country, and the gross national product has been on the rise. The economy of North Korea has had many challenges, largely due to the self-reliant and closed economic system that they use. Overall, the government and economy of South Korea has been more prosperous and successful than North Korea. Much of this is due to the fact that in North Korea, they have a completely closed and centrally planned economic system which tends to inhibit their growth. The fact

In “From old comrades to new partnerships: dynamic development of economic relations between China and North Korea.” Lee and Yoon take a look at the evolution of the relationship between North Korea and China. It’s fair to say that without the help of the Chinese government North Korea’s progress would have likely been much more stagnant due to their limited trading partners. Despite complicated relationships with the west North Korea has remained relatively politically stable over the course of the country’s history, and they are moving towards increased economic stability despite trade sanctions and various human rights violations that have been placed against North Korea. This journal article looks at two key points in examining North Korea’s relationship with China over the last 15 years. Firstly they look at China’s growing level of investment and trade in North Korea. In 2000 North Korea exported around 40 million USD worth goods to China, by 2010 that figure had grown nearly 30 fold.

Economic viability of the DPRK is solely dependent upon the food and energy supplies provided by China, which accounts for nearly 90 percent of the DPRK’s total trade volume. In fact, current economic trends display bilateral trade between China and North Korea has steadily increased where in the first quarter of 2017, China-North Korea trade was up 37.4 percent from the same period in 2016. Despite the economic

Globalization advanced free trade, open markets, and competition in the world economy. Regrettably, this worldwide amalgamation and growth contributed to the equalities and inequalities between third world nation-states. The growing populace placed an extra demand on the third world nation-states for food, shelter, and clothing. Consequently, Africa, South Asia, and Latin America grew anxious since their populaces are predisposed to diseases, famine, and premature death. In chapter one of Promises Not Kept: Poverty and The Betrayal of Third-World Development John Isbister declared that in the twentieth cen¬tury,

Globalization advanced free trade, open markets, and competition in the world economy. Regrettably, this worldwide amalgamation and growth contributed to the equalities and inequalities between third world nation-states. The growing populace placed an extra demand on the third world nation-states for food, shelter, and clothing. Consequently, Africa, South Asia, and Latin America grew anxious since their populaces are predisposed to diseases, famine, and premature death. In chapter one of Promises Not Kept: Poverty and The Betrayal of Third-World Development John Isbister declared that in the twentieth cen¬tury,

The Unites States of America has long been a country with international trade agreements, such as with: China, Guatemala, Mexico, Canada, and many other countries. The trade agreements have been made due to a few factors; embargos, the cost of manufacturing being less costly in foreign countries, treaties which benefit both trading parties by the elimination of tariffs and other various barriers, increased competition, and reduced import costs. Although there seem to be very few factors listed, there are in actuality many more factors which go into a trade agreement. A prime example of a trade agreement and globalization is the North American Free Trade Agreement (NAFTA) which consists of The United States of America, Canada, and Mexico. The international market is opened up when services, capital, and goods cross America’s borders. Which also opens up opportunities for Americans as well as other foreigners to take advantage of the market place. Buyers are able to take advantage of the least expensive services and goods the market has to offer, as well as the ability to choose the best investments opportunities. NAFTA almost immediately expelled tariffs on a vast majority of goods manufactured by the signing countries. “… countries that are more open to the global economy grow faster… than those that are relatively closed” (Gimpelson, Treisman, 2015). It also called for a gradual elimination of most

Considering as one of prominent aspects of the globalization process, free international trade has over 100 years in the development history (Lawal 2006; Ocampo & Martin 2003). At the first stage, free trade was happened within the North and South America countries, then together with the development of the world economy, trade liberalization has expanded to almost areas of the world (Ocampo & Martin 2003). The most expansive and extensive period of trade liberalization is from the second half of the twentieth century to present. In this period, trade liberalization, with support from innovations in transportations and information technologies, is characterized by the rapid expansion of trans-boundary free trade and international investment among almost developed and developing (Ocampo & Martin 2003).

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was