North Korea's Economic Decline: A Tale of Missed Opportunities
From Post-War Promise to Poverty
In the aftermath of the Korean War, North Korea embarked on an ambitious economic journey with a GDP per capita on par with its southern neighbor. However, by the mid-1970s, a stark divergence had emerged. While South Korea soared to become an economic powerhouse, North Korea's economy languished in isolation and poverty.
The Failure of State Planning
North Korea's economic woes can largely be attributed to its rigid state planning system. The government's insistence on centralized control stifled innovation and prevented the development of a competitive private sector. This, coupled with chronic mismanagement and corruption, led to a stagnant economy that failed to meet the needs of its people.
Komentar