After WWII, Italy rapidly transitioned from an agriculturally based economy to a highly industrialized economy in order to keep up with other developing countries. Italy is a leading country in world trade and exports as it praises itself on its well known industries such as its prominent and inventive business economic district, an industrious and aggressive agricultural sector, and for its innovative automobile, industrial, appliance and fashion design abilities. Italy has numerous small businesses that propel its economy, rather than global corporations that fuel globalization. Given that fact, Italy was the seventh largest exporter in 2009, trading mostly with other countries in the EU such as Germany, France, and Spain. Tourism is also a big money maker for Italy as it is the fifth most visited country and highest tourism earner in the world. Even after a strong backbone of business and trade, Italy is currently suffering from major economic problems. The debt Italy is in resulting from massive government spending in the 1980’s onward is astronomical ranking in second behind Greece. The Italian economy is weakened by the lack of infrastructure development, market reforms and research investment, and high public deficit. The EU has had to assist Italy numerous times to help its development and growth out of the debt they are …show more content…
North Korea is industrialized, but it operates autarkical and is a highly centralized, command economy. International trade and foreign relations are extremely restricted. Food rations, housing, healthcare, and education are offered from the state for free, but wages from legal work from the men is close to $2 a month. Illegal business is conducted among the people in terms of trading, farming, and handicrafts, which brings the average salary closer to $15 a month. Estimations have projected that in the early 2000s, the average family received about 80% of its income from small businesses that are legal in market economies, but illegal in North Korea’s command economy. Contrary to severe economic conditions, North Korea’s GDP ranked 75th in the world. North Korea’s main moneymakers are 43.1% in industry, 33.6% in services, and 23.3% in agriculture and