The Democratic People's Republic of Korea came into existence in 1948. Since independence the communist Korean Worker’s Party has ruled the country. The government of the country, under the leadership of Kim Jong Il, exhibits true dictatorship. There is a scarcity of food. Any person showing disrespect to KWP has to face tortures or even death penalties. The conditions of the prisons are pitiable.
North Korea is in critical economic and political situation. There is a need to introduce new economic reforms to stabilize the financial condition of the country. Laws must be crafted for the benefit of the society and for reducing the crime rate. New technologies need to be adopted for the development of the country and independence from the external financial aids.
With the world’s least free economy figure of 3%, North Korea holds 157th place out of 157 countries. No international authority is allowed to collect country’s economic information. North Korea has corruption rooted in every individual’s job profile. Government uses unlawful means of earning money, burdened with heavy international debts. There is no freedom of business or trade outside or within the country.