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Mon April 1, 2013
Planet Money: North Korea's Illegal Economy
Originally published on Fri March 29, 2013 6:31 pm
Note: This podcast was originally published in 2011. With North Korea in the news again this week, we're re-running it today.
North Korea relies on charity to feed its starving people. But the country's elites like their luxuries — imported wine, fine china, dancing shoes.
To buy those things, they need foreign currency. (North Korean currency is worthless outside of North Korea.) To get foreign currency, they need to sell things to the outside world. But North Korea's industrial base is a disaster, and the country doesn't grow enough food to feed itself.
On today's Planet Money, we look at the ways North Korea's leaders have managed to keep foreign currency flowing into the country. Their strategies include manufacturing drugs, counterfeiting U.S. dollars, and selling gigantic statues to foreign leaders.