Opinion | North Korea at a crossroads: what will Kim give for an economic miracle?
- He will have to give up nuclear weapons and the current Juche ideology – political reform must precede economic reforms
- To encourage this, the world’s powers must offer compensation for denuclearisation, guarantee the survival of his regime, and provide at least 10 years of economic support
North Korea is at a crossroads and faces a serious challenge: it can either hope to survive as a nuclear weapon state or thrive by implementing market-oriented reforms, trading nuclear weapons for a bright future.
The record shows that every country that has adopted a socialist system has either collapsed or transformed into a market socialist economy. North Korea is confronted with the same fate.
To achieve this, Kim must overcome three challenges: First, he must make an unyielding commitment to achieve economic development by modernising the economic system, and to enhance the economic well-being of the entire population.
Second, he must revise the ruling Juche ideology in a paradigm shift, implementing market-oriented reforms and opening up the country so it can integrate with the global economy.
Third, the necessary market reforms and economic opening cannot be allowed to derail the regime, as Kim seeks to preserve its integrity at all costs.
