Saturday, June 19, 2010

Hey, North Korea! How's That Central Planned Economy Working Out For Ya?

Well, well, well -- check this out in the Washington Post:
Bowing to reality, the North Korean government has lifted all restrictions on private markets -- a last-resort option for a leadership desperate to prevent its people from starving.

In recent weeks, according to North Korea observers and defector groups with sources in the country, Kim Jong Il's government admitted its inability to solve the current food shortage and encouraged its people to rely on private markets for the purchase of goods. Though the policy reversal will not alter daily patterns -- North Koreans have depended on such markets for more than 15 years -- the latest order from Pyongyang abandons a key pillar of a central, planned economy.

With November's currency revaluation, Kim wiped out his citizens' personal savings and struck a blow against the private food distribution system sustaining his country. The latest policy switch, though, stands as an acknowledgment that the currency move was a failure and that only capitalist-style trading can prevent widespread famine.
So you've admitted that your horrible system is a dismal failure driving millions of human beings into misery and starvation. You've admitted that you're turning to -- gasp! -- private markets. HEH.


Michael Turton said...

Like the new look!

Mad Minerva said...

Thanks, Michael!