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Economic Reforms in North Korea (1998–2004): Systemic Restrictions, Quantitative Analysis, Ideological Background

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  • Ruediger Frank

Abstract

North Korea started serious economic reforms in July 2002. The regime's credo is the coexistence of a state-directed economy and a market economy. The weight of the latter will be increased gradually, depending on success and political stability. The paper explores the costs and benefits of the reforms and suggests their support. In the short run, the price reforms resulted in purchasing power gains for everybody, although these gains are now offset by inflation. The reforms have been well prepared ideologically to secure a controlled process. The pragmatic replacement of socialism by nationalism as the core ideology as well as the transformation of the military into the new aristocracy at the expense of the party created new political options for the North Korean government.

Suggested Citation

  • Ruediger Frank, 2005. "Economic Reforms in North Korea (1998–2004): Systemic Restrictions, Quantitative Analysis, Ideological Background," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 10(3), pages 278-311.
    • Handle: RePEc:taf:rjapxx:v:10:y:2005:i:3:p:278-311
    DOI: 10.1080/13547860500163613
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    References listed on IDEAS

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    1. Marcus Noland, 2004. "Famine and Reform in North Korea," Asian Economic Papers, MIT Press, vol. 3(2), pages 1-40.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
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    Cited by:

    1. Ali Shaddady, 2022. "Business environment, political risk, governance, Shariah compliance and efficiency in insurance companies in the MENA region," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 861-904, October.
    2. Gianluca Spezza, 2023. "Understanding North Korea's Resilience through Economy, Laws and Governance: a review of introductory sources and essential monographs," The Northeast Asian Economic Review, ERINA - Economic Research Institute for Northeast Asia, vol. 8(1), pages 17-28, February.
    3. Haggard, Stephan & Noland, Marcus, 2016. "Hard Target: Sanctions, Inducements, and the Case of North Korea," MPRA Paper 105812, University Library of Munich, Germany.
    4. Sato, Sumie & Fukushige, Mototsugu, 2011. "The North Korean economy: Escape from import-led growth," Journal of Asian Economics, Elsevier, vol. 22(1), pages 76-83, February.

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