ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -As of 2022, North Korea continues its basic adherence to a centralized command economy.

Detailed explanation-2: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.

Detailed explanation-3: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.

Detailed explanation-4: -South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.

Detailed explanation-5: -North Korea is a command economy because the government controls every aspect of the nation’s economy, including wages and prices. The state controls all production in the country and sets priorities for what goods a factory can and will produce. There is no sign of a market economy in North Korea.