A Realistic Process towards Korean Unification and the Harmonized Privatization of Properties in the Unified Korea: Issues, Priorities, and Opinions of Key Stakeholders

Abstract

This article presents three prerequisites to a potential Korean unification, implying that South should make every effort to accommodate the wishes of the North Korean to achieve permanent unification of the Korean Peninsula. Removing the Demilitarized Zone that currently separates the Koreas would be a key aspect of unification efforts in order to satisfy the first prerequisite to long-lasting peace. Moreover, a unified Korea will still need to treat North Koreans under a separate system of social security at the onset of efforts, albeit including sufficient economic incentives to North Koreans for this to remain feasible. A contribution of this article to the existing literature is its proposed guiding principles for resource allocation to make an economic package persuasive, including the nationalization of North Korean properties by the unified Korean government to commence the unification process. Following this, the properties could be privatized in a harmonized way, in conjunction with other unification policies.