The Democratic People’s Republic of Korea relies on socialist relations of production and on the foundation of an independent national economy.
In the DPRK the means of production are owned by the State and social, cooperative organizations, and the State protects private property and guarantees by law the right to inherit it.
The DPRK government, which regards the steady improvement of the material and cultural standards of the people as the supreme principle of its activities, provides all the working people with every condition for obtaining food, clothing and housing.
The State, adhering to the line of building a socialist, independent national economy, endeavours to promote the national economy on a Juche-oriented, modern, IT and scientific basis so as to make the national economy a highly developed economy and build material and technical foundations commensurate with a completely socialist society.
The State firmly adheres to the principle of properly combining political guidance with economic and technical guidance, the unified guidance of the State with the creativeness of each unit, unitary direction with democracy, and political and moral incentive with material incentive and ensuring profitability in the guidance and management of the socialist economy.
The national economy of the DPRK is a planned economy.