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A Note on Economic Development in North Korea: Call for a Comprehensive Approach

Author

Listed:
  • Lee Yong-Shik

    (The Law and Development Institute, Decatur, GA 30033, USA)

Abstract

North Korea is currently one of the most impoverished countries with a history of famine, but the country has a significant potential for economic development that could lift its population from poverty. Neighbored by some of the largest and most advanced economies in the world (South Korea, Japan, and China) and endowed with abundant mineral resources, industrial experience, and a history of successful economic development in the past, North Korea can embark on the path to rapid economic development, as its southern counterpart (South Korea) did so successfully since the 1960s. Yet, the successful economic development of North Korea requires a comprehensive approach, including obtaining a fund for development; normalizing relations with the West and the neighboring countries; improving its human rights conditions; prioritizing key industrial development; and reforming its political-economic system. This note discusses the comprehensive approach necessary for the successful economic development of North Korea.

Suggested Citation

  • Lee Yong-Shik, 2019. "A Note on Economic Development in North Korea: Call for a Comprehensive Approach," The Law and Development Review, De Gruyter, vol. 12(1), pages 247-259, January.
    • Handle: RePEc:bpj:lawdev:v:12:y:2019:i:1:p:247-259:n:5
    DOI: 10.1515/ldr-2018-0057
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    References listed on IDEAS

    as
    1. Lee Yong-Shik, 2018. "Law and Development: Lessons from South Korea," The Law and Development Review, De Gruyter, vol. 11(2), pages 433-465, December.
    2. Kim, Byung-Yeon & Kim, Suk Jin & Lee, Keun, 2007. "Assessing the economic performance of North Korea, 1954-1989: Estimates and growth accounting analysis," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 564-582, September.
    Full references (including those not matched with items on IDEAS)

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