In August 75 years ago, Korea took a measure to nationalize major industries.
It was a historic event that enabled the Korean people to become the masters of factories and the means of production.
It was right after Korea was liberated from the Japanese military occupation (1905-1945). The Japanese imperialists seized most of industrial sectors, the major economic arteries, and raked off huge profits by means of rich resources in Korea.
In order to abolish the aftermath of the Japanese colonial rule, emancipate workers from exploitation and oppression and ensure the independent development of the national economy, it was imperative to nationalize major industries.
To this end, President Kim Il Sung, in his report at the Inaugural Congress of the Central Organizing Committee of the Communist Party of North Korea (October 1945), underscored the need to nationalize the factories, mines and railways and other key industries owned by the Japanese imperialists and their lackeys and put them under the ownership of the people.
After that, he set forth the slogan “Factories to the workers” and ensured that factory committees were organized widely to control and operate the industrial establishments and economic organs inscribed on the lists of objects for nationalization and that the people’s power organs established a well-knit system of control and management over them.
Based on it, he promulgated the Law on the Nationalization of Industries, Transport, Communications, Banks and So On, on August 10, Juche 35 (1946).
The law declared that all enterprises, mines, power stations, railways, communications, banks, trade, cultural establishments, etc., owned by the Japanese state, corporate bodies and individuals or Korean traitors to the nation should be confiscated without compensation and nationalized, that is, made the property of the Korean people.
He confined the objects to be confiscated only to the property owned by the Japanese imperialists and Korean traitors, and ensured that the possessions of non-comprador capitalists were protected by law and the business activities of individual entrepreneurs and traders were encouraged.
As a result, 1 034 industrial establishments accounting for over 90 percent of the country’s entire industry became the possessions of the state and the people.
The workers, who became the masters of factories, turned out as one in the drive to cement the foundations of building a new, democratic Korea with an enthusiasm and ambition to create a new life.