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April 15, 2015 Comments Off Views: 1867 Big Ideas

Can Capitalism Take Off in North Korea?

Flirtations with capitalism need to overcome a rigid ideology.

North Korea has experienced slowly expanding spheres of capitalism for 20 years, including the recent decentralization of farming decisions down to the family level. This incongruous but enduring development has aroused hopes in South Korea that the North’s economy will somehow develop enough to mitigate the eventual unification costs for Seoul. The Hyundai Economic Research Institute published in 2014 a forecast that had the North growing at 7 percent a year for 10 years.

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