The result of the Korean War, after years of negotiations, was to sign an armistice between the two adversaries (North and South Korea) on July 27, 1953. In the armistice they drew a new boundary, near the 38th parallel, where the border was located before the war, although it gave South Korea an extra 1,500 square miles of territory.
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The study of the Koreas problematizes and refines our understanding of "neoliberalism" as it draws the stark differences between capitalism and communism.
<h3>What is neoliberalism?</h3>
Neoliberalism encompasses market-oriented reform policies through privatization and austerity measures, including:
- Eliminating price controls
- Deregulating capital markets
- Lowering trade barriers
- Reducing state economic influences.
While North Korea epitomizes communism with its citizens' deprivations and lack of economic prosperity, the South showcases the benefits arising from capitalism, including:
- Efficient resource allocation
- Economic buoyancy
- Economic freedom.
Thus, the study of the Koreas problematizes and refines our understanding of "neoliberalism" as it draws the stark differences between capitalism and communism.
Learn more about capitalism and communism at brainly.com/question/12179941
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