The following section will discuss a historical overview by focusing mainly on the time period till the 1910.Before the 1900s, Korea was, for a long time, ruled by the Choson dynasty. In fact the dynasty dominated Korea for around six centuries from 1392 to 19101. Because the people of the Choson dynasty were fully aware of the economic resources and the productive potential of the people, they imposed a tribune system which was to affect the little commercialized peasant economy that Korea possessed. The tribune system consisted of the collection of taxes on various different products and the mobilization of labour so that the handicrafts and services that were needed by the peasants could be arranged for easily. This process worked out well for Korea as it developed a small agrarian economy that was in a way self sufficient.2 However things did not remain the same.In the late sixteenth and seventeenth centuries, Korea was attacked by different countries, especially Japan and China. The attackers forced the command economic system, where the rulers had the power to intervene at any point, to change to the market economic system. This transition took place because of the general perception to the Malthus model. According to the model, the economic and potential of the countries had been almost nonexistent throughout human history. This was because the standards of living had remained constant for many centuries and what was worse was that they did not even differ across different countries.3 The implication of this model was a rapid transition from the command economic systems to a system of free market forces. The. North Korea and the South Korean economy.
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