North Korea’s new economic reforms
The beginning of the end of North Korea’s debilitating socialist economic system?
News reports suggested that [North Korea] has sought to expand its implementation of the so-called June 28 measures, which some observers said are tantamount to the renouncement of the socialist system.
The measures give greater autonomy to state corporations, allowing them to choose their production items, prices, amounts and marketing methods, according to reports.
They also allow farmers to take in 30 percent of their harvest.
Imagine that. North Korean farmers will now be able to keep and sell 30% of the fruits of their labour. Easily mocked in our rich Capitalist society, but it’s a step forward, progress, from the old socialist system whereby farmers could only keep what was left over from the quota the state made them harvest.
And imagine that: companies being allowed to produce what they want and set a price.
Funny old world isn’t it? As rich, free Capitalist countries toy more and more with socialist this and socialist that, a down-trodden, poor-as-fuck, relatively isolated, under-the-boot socialist country toys with the idea of Capitalism.
Ha! North Korea’s leader Kim Jong-un is essentially saying, “Over to you, people,” whilst Obama is saying to every hard worker, businessman and entrepreneur in America, “You didn’t build that!”
But with these latest North Korean economic reforms, I said it’s only a sliver of hope for a reason.
Yang Un-chul, of the Sejong Institute think tank:
“Even if they allow some autonomy to farmers and corporations, when they don’t have any personal property, such incentives would not work. Even though they take in some percentage of their harvest, this would, after all, be taken away by middle-level officers.”