China, Japan, North Korea, South Korea, India's Economic Disparity

Modern Asia
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Introduction
China, India, Japan, North Korea and South Korea are the strongest economies of the world. These are economically, socially and politically strong. With their own economic strategies, they are progressing immensely. However, it is important to notice that all of these countries have mixed economy other than North Korea.
China
China is moving from a command economy towards a mixed economy. Command economy was solely controlled by the Chines government and the mixed economy will merely be overlooked by the government. China claims its economy to be a “Socialist market economy”. In 1970, the Chinese communist government reorganized its economy with a strategy named “four modernizations”. This excelled plan led to tremendous economic growth in China. By then, China is minimizing government control in the Economy thereby encouraging foreign investments. Due to the open economy, the standard of living is improved in China and the economy is progressing massively. China GDP is $12.26 trillion and is ranked third in the world. There is an increase of 8% in the GDP every year. The GDP per capita is $9100. By now, the Chinese government allowed private businesses to enter the economy and it is the rapidly growing segment of the economy. The literacy rate of China is 95%, whereas only 6.5% of the workforce is unemployed and only 13.4% of the population lives beyond the poverty line. There are abundant natural resources in China. Although only a small percentage of China’s land is arable (11.6%), the land and rivers of the country are sufficient for economic growth and development. China is the leader in the agricultural output as well as industrial output. The main agricultural products are rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed, pork, fish. The manufacturing sector of China makes 46% of the GDP. China is the biggest exporter of consumer goods. These mainly include electrical and other machinery, including data processing equipment, apparel, radio telephone handsets, textiles, integrated circuits (Malenbaum, 1956).
India
Just like China, India initially had command government but since 1991, it has been moving towards a mixed economy. It allowed the citizens to play some role in the economy. Although, the government of India makes decisions about agriculture and industry entrepreneurship is quite common. India’s GDP is ranked 4th in the world with $4.7 trillion and a growth rate of 8.5% per year. The GDP per capita is $3800. India is one of the top ten industrial nations with progressing services industries. The literacy rate of the country is 62.8% with 8.5% unemployed and 28.9% living below the poverty line. India has fertile land with sufficient water supply with 47.9...