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5min chapter
The Pathetic Economy Of North Korea
Economics Explained
The Rise and Fall of the North Korean Economy
In 1991, the Soviet Union collapsed and North Korea lost its biggest lifeline. In a desperate attempt to modernise its economy, it was playing with the idea of private enterprise. Experimentation into small-scale entrepreneurship took place from 2009 to 2013. By 2016, economic liberalisation had progressed to the extent that both locally responsible and state industrial enterprises gave the state between 20% and 50% of their total output. The government of North Korea seems to be stuck in a cycle of ramping up military aggression as a weird way to turn around and beg for more foreign aid. It is literally the screaming child in the middle of a supermarket that gets a lollipop just to calm them down.
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