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Analysis of North Korea's Foreign Trade: 1970-2001
Beginning of article
ABSTRACT: In the first years following the Korean War (1950-1953), the centrally-directed economy of North Korea had been larger in per capita income and had grown more rapidly than the more loosely-controlled economy of South Korea. However, in the absence of rational and strategic economic planning, these advantages soon reached their limits. By the mid-1970s, South Korea's two successful five-year economic plans put it ahead of North Korea. Loss of allies in the early 1990s, consecutive floods in 1995 and 1996, and a severe drought in 1997 caused the North Korean economy to shrink in the 1990s. Thus, while North Korea had gradually reformed its troubled economic system since the early …
