The Pathetic Economy Of North Korea
Economics Explained
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The Rise and Fall of North Korea
After the Korean War, North Korea was able to bounce back and start building a pretty impressive rate. This all started to slow down though in the mid-60s when they were undertaking their fourth central plan. By this time, North Korea had sunk as much as 25% of its budget into its military. In comparison, the USA spends about 54% of its federal budget on military spending. The U.S. also has state budgets which cover things like local police, roads, schooling and the like. These state budgets actually make up close to 50% of total government spending in the United States. N. Korea defaulted on its debts in 1980, which cut off its ability to borrow
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