North Korea’s Economic Failure

The death of Kim Jong Il invites comparisons between North and South Korea. Donald Marron, a professor of economics and writer for Seeking Alpha (seekingalpha.com), posted the following graphic yesterday  comparing the per-capita GDP of the two economies since the 1970’s.

Source: Donald Marron - Seeking Alpha

The difference in growth rates is dramatic. Although we cannot visit North Korea, a comparison of Google Earth images of Pyongyang and Seoul is revealing. In some respects the two cities, like most cities, look similar. Yet looking closely we can readily see a major difference. In Pyongyang there are almost no cars.

Seoul - source: Google Earth

Pyongyang - source: Google Earth

One thought on “North Korea’s Economic Failure

Please feel free to leave comments. I would appreciate knowing who you are so be kind enough to leave your name and email address. Alternatively, Facebook and Twitter users may simply use the quick login buttons that appear when you click on the comment space below. Thanks.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s