1. The Winter of Their Discontent: Pyongyang Attacks the Market
- Author:
- Stephan Haggard and Marcus Noland
- Publication Date:
- 01-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- On November 30, 2009, North Korea announced a reform to replace all currency in circulation with new bills and coins. North Korean officials have made no bones about their motivations: The “reform” constitutes a direct attack on the emerging market economy and the independence from state control that it represents. In an interview following the conversion, an official of the North Korean central bank noted that the reform was aimed at curbing private trade and underlined that North Korea is “not moving toward a free market economy but will further strengthen the principle and order of socialist economic management.”
- Topic:
- Economics, Markets, and Monetary Policy
- Political Geography:
- North Korea