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The history of North Korea's fiscal segmentation can be categorized largely into four periods headed by different entities. First, between 1953 and 1972, Kim Il-sung created special budget to maintain political power. Second, from 1972 to 1984, Kim Jong-il gave birth to suryong economy to consolidate hereditary power succession. Third, from 1985 to 1994, party-state agencies began foreign currency earning activites. Finally, from 1995 to the present, in addition to the suryong economyand major party-state bodies, the foreign currency earning activities of party-state bodies for off-budget revenue have been gereralized and become the backbone of North Korean party-state bodies' budget system. This paper addresses the process of fiscal segmentation from the second period onwards. 1.Fiscal Segmentation in North Korea 2.1972－1984: Advent of Suryong Economy and the Expansion of the Market A. The Rise of Suryong Economy B. Economic Hardship and the Expansion of the Market C.The Monopoly of Foreign Currency Earnings by the Party Center D. The Decay of the Planned-Economy 3.1985－1995: Surge in Foreign Currency Earning Activities of Major Party-state Agencies A. Expansion of Foreign Currency Earning Agencies B. The Generalization of Foreign Currency Earning Activities of the Party-State Agencies in the Early 1990s 4.Post 1995: ‘Songun (Military First)’ Policy and the Expansion of the Market A. The Generalization of Public Agencies’ Foreign Currency Earning B. Kim Jong-il’s Style of Economic Management C. Agents of the Private Economy Strengthened 5. Summary and Conclusion
Arising from the intense interest in North Korea today, this book provides full details of economic and political developments in North Korea since 1989 when the communist world began to change irrevocably.
Under Kim Jong-un, North Korea has experienced growing economic markets, an emerging 'nouveau riche,' and modest levels of urban development. To what extent is North Korean politics and society changing? How has the growth of markets transformed state-society relations? This Element evaluates the shifting relationship between state, society, and markets in a deeply authoritarian context. If the regime implements controlled economic measures, extracts rent, and subsumes the market economy into its ideology, the state will likely retain strong authoritarian control. Conversely, if it fails to incorporate markets into its legitimating message, as private actors build informal trust networks, share information, and collude with state bureaucrats, more fundamental changes in state-society relations are in order. By opening the 'black box' of North Korea, this Element reveals how the country manages to teeter forward, and where its domestic future may lie.
"In their carefully researched book, Stephan Haggard and Marcus Noland present the most comprehensive account of the famine to date, examining not only the origins and aftermath of the crisis but also the regime's response to outside aid and the effect of its current policies on the country's economic future. Their study begins by considering the root causes of the famine, weighing the effects of the decline in the availability of food against its poor distribution. Then it takes a close look at the aid effort, addressing the difficulty of monitoring assistance within the country, and concludes with an analysis of current economic reforms and strategies of engagement."--BOOK JACKET.
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
A comprehensive, systematic analysis of the North Korean economy, exposing its hidden workings through quantitative data analysis and surveys.
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
North Korea has survived the end of the Cold War, massive famine, numerous regional crises, punishing sanctions, and international stigma. In A Most Enterprising Country, Justin V. Hastings explores the puzzle of how the most politically isolated state in the world nonetheless sustains itself in large part by international trade and integration into the global economy. The world's last Stalinist state is also one of the most enterprising, as Hastings shows through in-depth examinations of North Korea’s import and export efforts, with a particular focus on restaurants, the weapons trade, and drug trafficking. Tracing the development of trade networks inside and outside North Korea through the famine of the 1990s and the onset of sanctions in the mid-2000s, Hastings argues that the North Korean state and North Korean citizens have proved pragmatic and adaptable, exploiting market niches and making creative use of brokers and commercial methods to access the global economy.North Korean trade networks—which include private citizens as well as the Kim family and high-ranking elites—accept high levels of risk and have become experts at operating in the blurred zones between licit and illicit, state and nonstate, and formal and informal trade. This entrepreneurialism has allowed North Korea to survive; but it has also caused problems for foreign firms investing in the country, emboldens the North Korean state in its pursuit of nuclear weapons, and may continue to shape the economy in the future.
Business in North Korea: a paradoxical and fascinating situation is interpreted by a true insider. In 2002, the Swiss power company ABB appointed Felix Abt its country director for North Korea. The Swiss Entrepreneur lived and worked in North Korea for seven years, one of the few foreign businessmen there. After the experience, Abt felt compelled to write A Capitalist in North Korea to describe the multifaceted society he encountered. North Korea, at the time, was heavily sanctioned by the UN which made it extremely difficult to do business. Yet he discovered that it was a place where plastic surgery and South Korean TV dramas were wildly popular and where he rarely needed to walk more than a block to grab a quick hamburger. He was closely monitored and once faced accusations of spying, yet he learned that young North Koreans are hopeful--signing up for business courses in anticipation of a brighter, more open, future. In A Capitalist in North Korea, Abt shares these and many other unusual facts and insights about one of the world's most secretive nations.
After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.