North Koreas new economic pragmatism

Rüdiger Frank (Chair Professor of East Asian Economy and Society at the University of Vienna and Head of the Department of East Asian Studies) analyzes the developments in North Korea since the power transfer to to Kim Jong-Un in December 2011. What has happened in North Korea in the last two years? What development trends are there and how can other countries approach them? Frank finds a growing monetization of the North Korean economy and the rise of a new middle class that have the potential to fundamentally change the country.