👉North Korea An Economy of Resilience, in spite of Sanctions

👉North Korea: An Economy of Resilience, in spite of Sanctions
North Korea is probably the least free economy in the world, with state control of practically everything, and thought control to boot. Most North Koreans are miserably poor.
North Korea’s problem is not sanctions or atomic bombs - or even the money spent on its military.
It’s more basic than that - and it’s the same problem as Mugabe’s Zimbabwe.
The ruler is an autocrat.
His word was law -
Who is going to invest their money in a country where the Ruler could take it just by saying so.
Not just the Ruler - any of his senior flunkeys could do the same.
That provides a SUBSTANTIAL barrier to investment.
If you have money in those situations, you don’t invest it - you hide it.

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The notion of the economy is questionable when it comes to North Korea. The international community does not trade with this country apart from China. As a result, North Korea is heavily dependent on its Chinese neighbor. There are some black markets where imported products from China are sold to the population, but the vast majority of North Koreans are deprived of basic necessities. Due to the embargo, the country has kept very rudimentary agriculture. The machinery is often obsolete, and the production of rice, for example, is very low proportionately to the needs of the population. Another aspect is the hierarchy. The closer one is to the regime, the easier he will find products. Those who are close to the regime live in the capital and, to a certain extent, can enjoy a slightly higher standard of living. However, those who live in the rest of the country lead a life that is similar to the middle age, the life expectancy is pretty low. Also, children in the countryside always look less healthier than those of the capital.
There is little tourism in North Korea, and it is extremely controlled, most visitors will not be able to get an accurate picture of the country as the regime only shows a pretty face to its visitors.
Finally, we lack some information to have a conclusive view of their so-called economy. Some humanitarian organizations have been able to enter the country, and they all draw the same conclusion: they faced a deplorable situation where people strive to survive, food is rare in the country.

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