Political Science

The phenomenon of globalization has not only been observable in many countries and the international community as a whole but it has also become one of the most influential factors, which greatly affects the lives of many people in the society. The effects of globalization are mostly seen in the economic realm wherein the greater interdependence among countries is felt in the trade agreements and relations that they have. In a highly competitive international market, a country needs to engage in international trade and allow greater economic liberalization among its people in order to adapt to the changes that are happening in the environment and also to maintain and enhance the economic robustness of its country. Trade liberalization does not merely become an option but rather it becomes necessity that needs to be implemented in order to create a stable and successful economy. In line with this, I strongly suggest that the economic policy of the Democratic Peoples Republic of Korea (North Korea) should be reassessed, as a way by which the country could be able to enhance its economic stability.

North Korea has experienced numerous economic problems in the past, which is still observable even up to its current economic condition. One of the most pressing problems of the country is its industrial capital stock because of underinvestment and shortages of spare parts. In addition to this, the country is also experiencing a decline in its industrial and power output. To make matters worse, the unfortunate natural disaster of severe flooding has also aggravated the food shortage of North Korea. In relation to this, the lack of arable land, collective farming practices, and also the shortage of tractors and fuel have also worsened the capability of the country to produce more food. Due to the food shortage of North Korea, financial aids coming from other countries and international organizations took place. However, North Korea has within its capability the authority to properly and efficiently address the problems that they are facing. The government of North Korea has substantially exerted the needed effort in order to resolve the economic problems of the county and in doing so the government has made a huge step in restructuring its conservative economic policy to become more open to economic liberalization.

For the past few years, North Korea had been one of the most progressive countries based on their Gross Domestic Production (GDP). Amidst the problematic recession in different countries, North Korea had remained progressive towards a much competitive economy. Based on the countrys former behavior in economy, it had been inactive and non-progressive. However, due to the economic reforms which had been applied, North Korea is slowly improving and battling economic challenges.

In the current state of North Korea, it is mentioned that it is similarly compared to the actions done by China in the 1980s. China had formerly exercised a testing the water scheme. This concept is applied by North Korean wherein it had opened its economy for barter and trading in a small scale. Thus, North Korea is beginning to open doors to possible investments but only in a small extent. Therefore, the main industries are still mainly controlled by the state.

Upon this observation and facts provided by different authors it is only proper to commend North Korea most specifically Kim Jong Il with his strategies and economic reforms. Due to his strategic act, Korea had sheltered it self from being highly affected by the recession. Seeing developed countries to be much affected and damaged by the recession, it is astonishing to see that a country which was formerly attacked and criticized by the United States of America is now proving its stance in the world.

Due to this, I strongly commend and acknowledge the actions of the North Korea government in being robust in this difficult time. Thus, the country further provides security and stability with its people. However, I do view that North Korea must also be able to spread its wings and attain a higher form of success. Similar to China, it is not impossible to say that North Korea has the capability to be similar to its neighboring country. Therefore, North Korea must open its doors to more possibilities and bigger level of businesses in order to attain alike success of China.

I strongly believe in the country of North Korea and its capabilities. Provided this I do suggest the country to expand its horizons as a state that interacts different states in the country. Through opening the doors of North Korea, greater economic possibilities could not be hindered which in return would help its people to be progressive and secured.