Question

How does the economy of Cuba differ from the economy of North Korea

Answer 1

The economy of Cuba is a planned economy in which most of the industries are owned and operated by the government. The economy of North Korea is a strict, dictatorial command economy which is planned centrally.

The public sector is the dominating sector in Cuba composing 76% of employment as of 2000 but has experienced a decrease in dominance from its contribution of 91% in 1981. The North Korean economy, on the other hand, is tightly operated by the government with restrictions on the free market. When the government hold in Cuba on its economy has started to decrease, there is no such change in North Korea.