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Kim Jong-Un: Extreme Centrally Planned Economy

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Kim Jong-Un: Extreme Centrally Planned Economy
Kim Jong-Un is the leader of an extreme centrally planned economy. A centrally planned economy is when the state/government makes economic decisions. The state can set prices for goods and determine how much is produced. North Korea practices this ideology to the extreme. North Korea is known as unreformed, isolated and a tightly controlled dictatorial command economy. The government resists economic reform. In this economy the role of the market's invisible hand is very limited because the government intervenes with every aspect.
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