Prospects of an Open Economy in North Korea

One of thousands of statues of Kim Il Sung in North Korea? Nope, this is a statue of Mao Zedong in Chengdu, China (photo from ArianZwegers)

Since Kim Jong Il’s death many articles have explored the likelihood of an open North Korea. Everyone hopes that the recent change in person in North Korea’s leadership might be synonymous with a change in governance. The media attention might also be the result of attempts to capitalize on more exciting angles on North Korea, but let us explore the possibility that maybe we are sensing something about to happen; maybe the change in leadership might herald a new day for North Korea.

The Atlantic has an interesting piece on the historical precedent in China of movement from Communist dictatorship to economic opening. China in 1976 was in a similar position to North Korea’s in 2012, coming off of the death of Mao Zedong to his hand picked successor, revealed only just before his death: Hua Guofeng. The thought is that Kim Jong Un is a near-perfect analogue to Hua Guofeng Continue reading