North Korea urged to embrace 'privatization'
gettyimagesbankBy Lee Kyung-min Experts have called for North Korean leader Kim Jong-un to embrace “privatization” to address his country's economic challenges rather than just to wait until international sanctions are lifted. They said the reclusive regime will come under mounting pressure to opt for privatization following gradual yet notable changes in its economy toward marketization.These comments came after a recent report by South's Korea Development Institute which said the North's economy is increasingly ruled by “dollarization,” an inevitable result of a weak economy whereby the North Korean won fails to function as a currency. The experts see dollarization ― moving toward an economy largely ruled by U.S. currency ― as a sign of the Kim regime pursuing more complete and full integration into the global economy. Bill BrownWhile Pyongyang badly needs sanctions relief, privatization could be another ― even better ― way, although the regime's ideology will not easily allow it, according to Bill Brown, an adjunct professor at Georgetown University School
