North Korea Economy Analysis

2464 Words 10 Pages
Ruizhe Li
Mr. Jones
English 12 CP
20 March 2015
The Reality of North Korea Economy
On November 24th 2014, Sony Picture Entertainment experienced a severe cyber attack conducted by a group of hackers called “The Guardians of Peace”. The hackers demanded the cancellation of the planned release of the movie “The interview”, which depicted the assassination of North Korean supreme leader Kim Jong-un. Aside from the political and comical meanings of “The interview”, the movie also depicted North Korea a country that is in deep poverty. The fake grocery store contrasts significantly with Kim Jong-un’s paradise-looking palace. For a long time North Korea has been concealing its true economic development. Most people would curious, as the only country
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North Korea has a very special way of earning foreign currencies: sending people overseas (Pattison). “North Korea has a longstanding policy of sending its citizens abroad to earn much-needed foreign currency. Defectors’ groups estimate there are up to 65,000 North Koreans working in about 40 countries” (Pattisson), Pete Pattisson, the video and photo journalist based in Kathmandu of the Guardian, said in his article “Countries hosting North Korean workers may be breaching UN sanctions”. The policy seems profitable for North Korean citizens, but in reality it does not. North Korea does not send its people out to earn foreign currencies for themselves, but rather to earn foreign currencies for the country. In the same article, Mr. Pattison also wrote that “Some [workers] said they expected to collect their earnings when they returned to North Korea, but according to testimonies from defectors and experts, workers get as little as 10% of their salaries when they go home – after the majority has been confiscated by the Pyongyang regime” (Pattison). Money earn by North Koreans through years of hard working was almost entirely taken by the government. However, the 10% left may still be a huge amount to North Koreans, comparing to the highest earning job in North Korea that only earns about $62 per month …show more content…
Last century China experienced a drastic economic reform that for the first time introduced market economy into socialism. As a result, Chinese economy had a huge leap in the past 30 years. North Korea wants the same thing. “A new set of market-oriented reforms adopted by the Central Committee of the Workers’ Party and by the cabinet of ministers on May 30, 2014, appears to aim to liberalize the economy as a whole” (Lankov), professor Lankov said in his article “North Korea Dabbles in Reform”. It has been years since North Korea implemented a planned economy. A new market economy will change the country’s economy entirely, and it gives out great hope of solving the problematic economic condition within North Korea. People would expect that economic reform might eventually lead to economic freedom in North Korea, which for sure will boost their

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