The North Korean economy has been a statistical black hole for decades but is undergoing substantial transformations. Rapid post-war industrialisation was not sustained beyond the mid-1960s and South Korea’s economy far outpaced North Korea’s during the next three decades, during which trend...

In this study, we focus on important organisational features and institutional conditions underlying the prosperity of business groups, and propose a new approach to analysing the distinctive roles of business groups during market-oriented institutional transitions. We examine the likelihood of...