초록

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Abstract ▼ AI-Helper

This study aims to consider the background of May 26 Measures in 2010, and to prospect the marketization in North Korea. North Korea has embraced limited market mechanisms that have become part of the country’s formal planned economy. But increasing political and social fallouts from the market ex...

This study aims to consider the background of May 26 Measures in 2010, and to prospect the marketization in North Korea. North Korea has embraced limited market mechanisms that have become part of the country’s formal planned economy. But increasing political and social fallouts from the market expansion, the North Korean regime has backtracked on economic reform starting in 2005. The new round of restrictions on markets was highlighted in November 2009, when the country conducted a currency revaluation, lopping off two zeros from the nominal value of the local currency and banning the use of foreign currency. As the currency denomination deteriorated, the already collapsing economy sparked strong public protest, and the authorities acknowledged its failure and came up with new measures to address the situation. Ultimately, North Korea is in a dilemma over the burgeoning market expansion of its economy. Its routine restrictions have proved ineffective and tough crackdowns have only triggered public grievances and deepened the country’s instability.

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