This study examines the significance and implications of North Korea's full participation in the global economy from the perspective of the South Korean economy. It begins with an objective assessment of how today’s North Korean economy differs from the general market economy, or more specifically, the economic systems of the many other countries engaged in the global economy. It then explores the concept, contents and process of North Korea's participation and presents relevant case studies on and outcomes of other countries in similar situations―thus, it can be a meaningful reference. Also, based on the above findings, this study attempts to examine North Korea's development potential in regard to its participation in the global economy.

There are four theses that are independent but are also closely interconnected. Based on the definition of an ‘economically normal country’ derived from individual national economies that comprise today’s world economy, Chapter 2 presents a conceptual understanding of North Korea's participation while Chapter 3 discusses how the current North Korean economy differs from ‘economically normal’ countries based on various empirical statistical data. Chapter 4 examines past case studies on this unique phenomena which emerges in underdeveloped countries during the participation process, and Chapter 5 evaluates the growth potential of the North Korean economy in terms of participating in the global economy through production factors (capital, labor, productivity, etc.) and comparative advantage. Lastly, Chapter 6 compiles all of the results and findings from the four theses and provides a separate discussion on the implications for South Korea’s policies on North Korea and inter-Korean economic cooperation in relation to North Korea's earnest participation in the global economy. These policy discussions were formed through the collective debates between the contributors of this study, and shall be regarded as the final conclusion.

Preface
Executive Summary

Chapter 1 Introduction

Chapter 2 Economic Normalization: Concepts and Discussions
　Section 1 Definition of an Economically Normal Country
　Section 2 Economic Normalization
　Section 3 Transition to Capitalism
　Section 4 Accession to International Financial Institutions
　Section 5 Development of Human Capital
　Section 6 Summary and Conclusion
　References

Chapter 3 How Far Is North Korea from an Economically Normal Country?
　Section 1 Introduction
　Section 2 Factors of Economic Growth in Transition and Underdeveloped Economies
　Section 3 Indices Related to Economic Normalization and Integration
　Section 4 Conclusion
　References

Chapter 4 Openness and Economic Development: Trends and Case Studies
　Section 1 Introduction
　Section 2 Overview of Openness and Economic Growth
　Section 3 Case Studies
　Section 4 South Korea: 19531980
　Section 5 Implications for the North Korean Economy
　Section 6 Conclusion
　References

Chapter 5 North Korea’s Participation in the Global Economy and Growth Potential: Analysis and Implications
　Section 1 Introduction
　Section 2 Production Function Approach―Capital, Labor, and Productivity
　Section 3 Comparative Advantage Approach―Competitive Industries
　Section 4 Evaluation
　Section 5 Conclusion
　References
　Appendix

Chapter 6 Conclusion and Policy Implications
　Section 1 South Korea’s Policy on North Korea and Inter-Korean Economic Cooperation to Establish a Development Model for the North Korean Economy
　Section 2 Supporting North Korea’s Accession to International Financial Institutions through South Korea’s Policy and Cooperation
　Section 3 Inter-Korean Economic Cooperation in the Context of Northeast Asia’s International Division of Labor

ABSTRACT