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Tag Archives: state economy

North Korea Black Markets Could Take Over Economy, Undermine Kim Regime

“North Korean citizens, unable to count on a stable income or rationing, are moonlighting as security guards or coal haulers to make ends meet, eroding their allegiance to state authorities.

A South Korean research institute estimates that unauthorized economic activities, such as side businesses, account for 40-70 percent of citizens’ daily lives.

Experts say as much as 75 percent of the North Korean population does not depend on the state-owned economy at all.

The prevailing view is that the regime will lose more of its ruling power unless Kim Jong Un, who succeeded Kim Jong Il as North Korea’s new leader after his death on Dec. 17, reforms and opens up the economy…

At a shoe factory outside Pyongyang, only about 100 of the 750 employees report to the factory. Others buy materials, make shoes on their own and sell them in markets…

North Koreans at the dinner table used to talk about what Kim Il Sung, who founded the country, did and said. Today, they talk about how to make money instead.”

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