Economy Of North Korea
North Korea's economy is a centrally planned system. The role of market allocation is sharply limited – mainly in the rural sector where some peasants sell produce from small private plots. Although there have been scattered and limited attempts at decentralization, as of mid-1993, Pyongyang's basic adherence to a rigid centrally planned economy continues, as does its reliance on fundamentally non-pecuniary incentives. There have been reports of economic liberalisation, particularly after Kim Jong-un assumed the leadership in 2012, but recent reports conflict over what is happening. The collapse of communist governments around the world in 1991, particularly North Korea's principal source of support, the Soviet Union, forced the North Korean economy to realign its foreign economic relations. Economic exchanges with South Korea have begun: see Kaesong Industrial Region. With GDP per capita of less than $2,000, North Korea remains as one of the world's poorest and least developed countries, in sharp contrast to its neighbor South Korea, which has one of the largest economies in Asia.
Read more about Economy Of North Korea: Crisis and Famine, Organization and Management, Size, Public Distribution System, Labor, External Trade
Famous quotes containing the words economy of, economy and/or north:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“So-called Western Civilization, as practised in half of Europe, some of Asia and a few parts of North America, is better than anything else available. Western civilization not only provides a bit of life, a pinch of liberty and the occasional pursuance of happiness, it’s also the only thing that’s ever tried to. Our civilization is the first in history to show even the slightest concern for average, undistinguished, none-too-commendable people like us.”
—P.J. (Patrick Jake)