This section of the Library is devoted not so much to special papers
directly related to North Korea as it is to several outstanding economists
and their works (or works about them) that have a direct bearing on North
Korea, both the present and the future. We provide this information as a
way to get people thinking seriously about the economic issues of the
current situation and for the future development of the country. It is our
strong belief that North Korea needs a new economic system, one that is
realistic and that conforms to God's requirements. A new nation requires a
new foundation. Economics is a major part of that foundation--theory,
policy and practice. No foundation can be solid unless it is built on the
truth of God, the Rock.
For further thought on the importance of economics in a Christian world
view, especially as it pertains to North Korea, we invite you to review the
series of short articles by Fr. Archer Torrey posted in the Articles section.
The economists presented in this section may or may not be Christian;
however, we judge their work to of vital importance and relevant to God's
As we receive research papers dedicated to the issues of economics as it
applies to North Korea, we will post those here as well.
Henry George demonstrated the unique and critical place of land in the
economy. He showed that land is the foundation of all development and is
not the result of human effort. Every parcel of land is unique and has
value deriving from the community, not the efforts of individuals. The
value of a piece of land is based on its location. Some of this value
derives from nature and some from the community. George proposed a "single
tax" on the value of land, no taxes on improvements. Such a tax would more
properly be thought of as a land rent, returning to the community (the
taxing or renting entity) the value derived from the community as a whole.
A tax on improvements--the work of human effort--is a regressive tax that
discourages development while a tax on land values promotes development and
Fr. Archer Torrey has shown how George's ideas are in concert with Biblical
principles and embody a practical way to implement the Old Testament law
concerning the land of Israel in a modern, international context.
George's primary work is Progress and Poverty. All of his works
are available through the Robert Schalkenbach Foundation,
www.schalkenbalk.org. Additional information and related writings are
available through the Henry George Association, www.henrygeorge.org.
Fr. Torrey's contribution to Georgist economics are presented in his book,
Biblical Economics, which is available from the publisher,
Xlibris at www.xlibris.org or 1-888-795-4274.
Ludwig von Mises and the Austrian School
The Austrian School of economists are dedicated to free market principles
and have demonstrated the value of this approach. Ludwig von Mises is the
premier personage in this group. He showed back in the 1930s that Socialism
was not a tenable system of economics and that socialist systems would
inevitably collapse of their inherent contradictions and their ignoring of
human nature. The critical difference between Georgist and Austrian
economics is that the Austrian economists view land in the same way as all
other property which George does not. On all other points, the Georgists
and the Austrians would most likely agree.
Ben Torrey believes that a marriage of these two schools of thought is
critical, that it would fill out Georgist theories while balancing Austrian.
Both can be shown to be Biblical and both need to be undergirded with
Biblical precepts, especially concerning human relationships and sin.
The works of Ludwig von Mises, Freidrich A. Hayek, Murray Rothbard, Leonard
Read and others are widely available and well worth studying, especially in
relation to new economic foundations for North Korea.
Pertinent web sites:
+ The Ludwig von Mises Institute
+ The Hayek Center for Multidisciplinary Research
+ The Foundation for Economic Education .
Janos Kornai is a Hungarian economist who lived in and studied socialist
economies. He has documented attempts to implement socialism and the
inevitable results. He has shown that attempts to reform socialist
economies will inevitably fail. His work is not just theoretical nor did he
set out to discredit socialism. It is based entirely on empirical data
culled over a lifetime of study. He is currently an emeritus professor at
His primary work is The Socialist System: The Political Economy
of Communism. Other works are Vision and Reality, Market
and State; Highways and Byways: Studies on Reform and Post Communist
Transition; Reforming the State: Fiscal and Welfare Reform in
Post-Socialist Countries and others. His work is of great importance in
contemplating the future of North Korea. They are widely available.
Some of his papers are available at
+ Institute for International Economics [website]
(Enter search terms "North Korea" in search box for a list of items.)