Finance & Fury Podcast

Introduction – Welcome to Furious Fridays Imagine you are a child North Korea - After school (which is mostly propaganda to solidify your ruler), 10 years mandatory military service No option to accumulate anything No way to start a business No way to buy your home Never own a car, telephone, or travel overseas Constantly looking over your shoulder, similar to Soviet Russia, 1 in 10 were government informants South Korea - Whatever you want – get a degree, buy a home South Korea out produces North Korea’s economic output by 37 times - $33,400 vs $1,800 GDP per capita (that is, per person) Live 10 years longer in south, infant mortality is almost 7 times lower So, what makes them so different? Capitalism!   Let’s look at the history: Korea WW2 – Japanese colony, then split North/South with Russia and America Korean War – June 25, 1950 North invaded south with Russian aid, America stepped in, demolished north with firebombs, they surrendered North – history – state run economy – founded by Kim Jung-il’