North Korea Experiments With Freer Markets

With North Korea in the news again, experts are once again questioning how long Kim Jong-Un can maintain his current path and power. After all, the Democratic People’s Republic of North Korea (DPRK) has been on the edge of societal and economic collapse for years and cannot persist without at least economic reform. It is, therefore, encouraging that an increasing number of North Koreans are experimenting with private property and the right to buy and sell as they see fit. Such liberalization needs to be further developed if the basic needs of the DPRK’s people are to be met and millions are to be lifted out of poverty. However, this could prove difficult since major reforms would take time and Pyongyang usually fiercely maintains its command economy.

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