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North Korea, Economy

Government economic policy, Economic plans, government of North Korea, establishment, economy

The government of North Korea maintains a highly centralized, or state-controlled, economy. After the establishment of the Democratic People’s Republic in 1948, all industry was nationalized and agriculture was collectivized. Government economic policy emphasized a doctrine of self-reliance and downgraded the role of foreign trade. Economic plans gave emphasis to the development of heavy industry and the mechanization of agriculture. In the early 2000s North Korea faced severe economic problems, following more than a decade of economic decline.

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Government economic policy, Economic plans, government of North Korea, establishment, economy, emphasis

 
 

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