Economics of Development and North Korea

A few days ago, a large bookstore in Seoul bought a thick English-language review of former Prime Minister Lee Kuan-yew of Singapore. Many authoritarian rulers used the cause of development. But they focused on governance rather than development. However, Prime Minister Lee Kuan-yew is receiving favorable reviews both inside and outside Singapore by focusing on development rather than governance.

Jim Rogers, a global investor living in Singapore, is very friendly to the Korean Peninsula. Jim Rogers, in particular, likens North Korea to a bottom-up stock price, which is true. Jim Rogers must be learning Singapore’s economic development process with his whole body.

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North Korea has many advantages for Jim Rogers to be optimistic about. North Korea has abundant underground resources and strong national character(It’s not good because it’s ideology). These characteristics are different from other underdeveloped countries. North Korea can never become an agricultural country because of its climate. And North Korea is rich in underground resources and has developed machinery industries related to the military industry. Such deformed heavy industries will also allow us to expect rapid economic growth in North Korea.

 

There is a developmental school among the economics. Professor Chang Ha-joon of Cambridge University said. “The developmental school system is inconsistent, vulnerable to government failures, and has no whole-round theory. But it is the most successful theory in human history.” In fact, he says, all the countries that succeeded in economic development, including Korea, Singapore and China, practiced the Economics of Development.

 

In a developmental economy, industries that produce associated effects (linkage effects) are valued. The automobile industry and the steel industry are examples of the need to grow basic industries that have a lot to do with other industries. Unlike Singapore and South Korea, North Korea has the potential to grow rapidly in industries that can have a linkage effects.

 

A developmental economy is a theory that can easily succeed if it can only bring out the people’s dynamism. Because it’s a theory that creates something new from a zero base. The theory is a theory that is bound to succeed unless it is political turmoil, religious turmoil, degenerative national atmosphere, etc. But many underdeveloped countries in the Middle East, Latin America, and Africa are not even basic.