Why North Korea has reined in firms’ freedom to set their own prices
DPRK laws shine light on efforts to reassert control in key economic sectors, a move that could stifle innovation
Pyongyang has spent much time over the past three years pushing for greater party control and oversight over the economy. Yet it has not been all that clear what such oversight would mean in practice.
But recently published North Korean laws from 2020-22 have shed new light on these developments, pointing to efforts to establish greater control over price setting in key industries, with important implications for production and consumption.
NK Pro analysis indicates:The bifurcated system of centrally set prices and enterprise and farm-set prices for different products and commodities remains in place
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