Tag Archives: yuanization

Purchasing power of foreign exchange and Pyongyang’s dilemma

Channeling the works of Amartya Sen, we at Rice & Iron have often argued that the price of food and the people’s command over income matter far more than the country’s aggregate grain output. Therefore, indices such as wages and … Continue reading

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Is there or Is there not reform in the DPRK? And some recommendations

Andrei Lankov is upbeat. He believes reforms are really underway in North Korea with agricultural yields to prove it. But don’t pop the champagne yet because Dr. Lankov is also wary of how the reforms will not go far enough … Continue reading

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Assessing Cause and Effect: Food price stability and the Korean People’s Won

Despite turbulence in the upper echelons of political power in Pyongyang, rice prices in North Korea proved remarkably stable at the end of 2013. This may be due to favorable farming conditions and the resulting increase in grain output that … Continue reading

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Assessing the risk of another food crisis, 1954 and 2014

Things have definitely taken a slight turn away from the worst in North Korea. Despite the political drama that unfolded with the purge of Jang Sung-taek and his associates, the economy appears to be stable, with rice price volatility at … Continue reading

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Andrei Lankov on Land Reform – Is Pyongyang afraid of the farmers?

Famed historian and giant in the North Korea-watchers’ community Andrei Lankov recently published a commentary on Radio Free Asia titled “North Korea Makes Mistake by Not Emulating China-Style Land Reform.” He utilized China’s gradual privatization of land after the Great … Continue reading

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July to July assessment

In July of 2012, DailyNK sources in the DPRK reported a sudden surge in rice prices. Compared to the per kilogram (kg) price of rice in June 2012, Pyongyang faced a 65.63% increase while Sinuiju recorded a  26.47% increase and … Continue reading

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Yuanization, Lessons from Argentina, and Dreams of Self Sufficiency

The New York Times recently carried an article titled “Pyongyang losing grip on economy” that concisely summarized the ongoing currency crisis in North Korea. (a longer version of the article was also carried by the Guardian)  Utilizing testimonies from traders … Continue reading

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