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This article briefly reviews the background of the marketization of North Korea and focuses on recalibrating South Korea’s economic policy towards the DPRK by using theory of William O. Chittick’s logic of the three basic approaches to foreign policy. The determinant factors in making foreign policy are identification, security, and economic prosperity The article analyzes several signs of emergent capitalism in the DPRK and examines the impact of the Jangmadang generations on system change in the DPRK. Emphasizing the positive impact of the “Jangmadang generation,” we conclude that North Korea’s introduction of market socialism can become successful by promoting financier elites who can negotiate with the regime.