Wednesday September 27, 2023
  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast
Versión Español
PanAm Post
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
PanAm Post
No Result
View All Result

Home » Venezuela Looks to Save Its Economy By Mimicking Communist Ally North Korea

Venezuela Looks to Save Its Economy By Mimicking Communist Ally North Korea

Sabrina Martín by Sabrina Martín
November 30, 2017
in Featured, International Relations, News Brief, Policy, Politics, South America, Venezuela
FacebookTwitterTelegramWhatsapp
venezuela -corea del norte
The two totalitarian nations met in Caracas to discuss “political, economic and social sovereignty,” as well as to warn one another of various “military and interventionist threats” from the United States government. (Twitter)

Español Representatives from the Central Bank of Venezuela and North Korea met this week to “exchange ideas in the defense and construction of socialism.” The two totalitarian nations held meetings in the capital of Caracas to discuss “political, economic and social sovereignty,” as well as various “military and interventionist threats” from the United States government.

“We must learn from the socio-productive experience of North Korea,” Central Bank Director José Khan Fernández said. “… We as a people can begin a a re-industrialization training process to improve the nation’s economy and depend less on foreign hegemonic countries … We have the necessary human resources, land and capital.”

RelatedArticles

The new socialist supremacisms: a maoist cultural revolution undermines the US

The new socialist supremacisms: a maoist cultural revolution undermines the US

August 21, 2021
GETTR: the powerful weapon of Trump and international right wing

GETTR: the powerful weapon of Trump and international right wing

July 13, 2021

Embajador de Corea del Norte expuso en el #BCV alternativas para enfrentar cerco financiero https://t.co/TTl10beUcE | #DesdeElBCV pic.twitter.com/yPuvAu16Fm

— Banco Central de Venezuela (@BCV_ORG_VE) November 30, 2017

Official state media sources reported that “North Korea offered alternatives for Venezuela to avoid imperial aggression.” Both countries have been sanctioned by the United States for repeatedly violating human rights and threatening military conflict.

North Korea does not publish official statistics about its economy, a practice that Venezuela has adapted in recent years. There are no real figures of inflation, production, scarcity or GDP. North Korea’s primary economic partner has always been China, but Venezuela and Russia have also come to rely on their partnerships with China.

  • Read More: Peru Downgrades Relations with North Korea, Declares Its Ambassador Persona Non Grata
  • Read More: North Korean Chancellor Makes Official Visit to Cuba

According to Media Lab Macro, the North Korean economy depends mainly on coal briquettes, which in 2015 comprised 34 percent of the country’s exports, followed by textile products such as coats and suits, as well as refined oil and soybean oil.

However, the Venezuelan economy has stagnated due to depleted oil supplies. Inflation rates in the country are the highest in the world, while its average wage is the lowest.

According to El País, the growth of North Korea’s economy is due to a plan giving companies more freedom to seek customers and suppliers, and for farmers to make use of their own surplus. However, Venezuela refuses to give that freedom to its entrepreneurs, as the production and distribution of food is completely controlled by the regime. Additionally, prices are regulated by the state, leading to minimal profit and growing scarcity.

The director of the South Korean intelligence service, Lee Byung-ho reportedly argued that at least 40 percent of North Korea’s population is now engaged in some kind of private enterprise. For this reason, Venezuela would have to allow for the creation of private companies and reduce regulations that prevent the private sector from expanding.

Venezuela came in last out of 159 countries in the 2017 Economic Freedom index. The report, made by Canada’s Fraser Institute, revealed that Venezuela obtained the worst score on every section of the index. The health of its currency proved to be the worst out of all sections evaluated.

Unfortunately, the index could not include currency evaluations for North Korea or Cuba due to a lack of data.

Sabrina Martín

Sabrina Martín

Sabrina Martín is a Venezuelan journalist, commentator, and editor based in Valencia with experience in corporate communication.

Related Posts

The new socialist supremacisms: a maoist cultural revolution undermines the US
Columnists

The new socialist supremacisms: a maoist cultural revolution undermines the US

August 21, 2021
GETTR: the powerful weapon of Trump and international right wing
United States

GETTR: the powerful weapon of Trump and international right wing

July 13, 2021
News

Maduro’s Trial Falls Behind Despite Coordination Between Interim Government and ICC

June 15, 2021
Three Signs That Elon Musk Has the World at His Fingertips
News

15 Republicans Who Voted Against Trump Are Already Facing the Consequences

February 1, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes
Asia

Chinese Regime Silences Relatives of COVID-19 Fatalities During WHO Visit

January 29, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes
Analysis

Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

January 29, 2021
Next Post
Mexico Says US Automotive Trade Proposal for NAFTA is “Not Viable”

Mexico Says US Automotive Trade Proposal for NAFTA is "Not Viable"

Subscribe free and never miss another breaking story

  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Privacy and Cookie Policy.