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Economic reality supersedes political rhetoric, even in the hermit kingdom. North Korea is one of the most secluded countries in the world, and its self-imposed isolation and the resulting dearth of hard data make any systematic study of the nation a challenge. Despite the political and technical constraints, this paper nevertheless attempts to demystify North Korea’s claim of economic self-sufficiency. A longitudinal survey reveals the reasons why the Kim Il Sung regime had to make a major policy compromise by enacting the 1984 joint venture law. This paper shows the gradual evolution of North Korea’s economic stagnation that has since the mid 1980s led to economic openness towards the West.
Economic reality supersedes political rhetoric, even in the hermit kingdom. North Korea is one of the most secluded countries in the world, and its self-imposed isolation and the resulting dearth of hard data make any systematic study of the nation a challenge. Despite the political and technical constraints, this paper nevertheless attempts to demystify North Korea’s claim of economic self-sufficiency. A longitudinal survey reveals the reasons why the Kim Il Sung regime had to make a major policy compromise by enacting the 1984 joint venture law. This paper shows the gradual evolution of North Korea’s economic stagnation that has since the mid 1980s led to economic openness towards the West.
