3   The economy

Economic background

In the 1930s the area now constituting the North was more rapidly industrialized, especially in terms of heavy industry, than the South (Suh 1983: 199). In 1943 80 per cent of the North's gross industrial production was classified as heavy (Van Ree 1989: 54). In 1945 the North's share of total Korean production was as follows: heavy industry 65 per cent; light industry 31 per cent; agriculture 37 per cent; commerce 18 per cent (Halliday 1987: 19). In 1946 agriculture contributed almost 60 per cent of national product (Yoon 1986: 61), while more than 90 per cent of industrial establishments were nationalized (Chung 1986: 189).

One of the world's dramatically successful newly industrialized countries (NICs), ...

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