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Hard TargetSanctions, Inducements, and the Case of North Korea$
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Stephan Haggard and Marcus Noland

Print publication date: 2017

Print ISBN-13: 9781503600362

Published to Stanford Scholarship Online: September 2017

DOI: 10.11126/stanford/9781503600362.001.0001

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The Microeconomics of Engagement

The Microeconomics of Engagement

(p.138) 5 The Microeconomics of Engagement
Hard Target

Stephan Haggard

Marcus Noland

Stanford University Press

This chapter draws on two unprecedented surveys of firms based in China and South Korea engaged in trade and investment with North Korea. It examines both the nature of cross-border exchange as well as the formal and informal institutions that underpin it and provides evidence of ongoing state control. Chinese firms in particular report that the business environment is highly corrupt; a consideration of dispute settlement and measures of trust suggest how the development of cross-border exchange is limited by the regime's overall economic strategy. South Korean firms operate in an enclave setting that imports South Korean property rights, and China my be moving to such a model over time. These findings cast doubt on the engagement model.

Keywords:   North Korea investment, South Korea investment, Kaesong Industrial Complex, corruption, engagement

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