Pyongyang, May 12 (KCNA) — The socialist economy is a planned economy and self-supporting economy, Rodong Sinmun Thursday says in a signed article. It calls for firmly abiding by the socialist principle in the economic construction, fully convinced of the advantages of the socialist planned economy, and thereby building a great prosperous powerful country of Juche on this land as early as possible.
The article says:
The planned economy is a method of managing and operating the economy suited to the nature of socialist society and it is incomparably superior to the capitalist market economy. The advantages of the socialist
planned economy mean the superiority of collectivism to individualism and the indisputable superiority of the socialist ownership to the private ownership.
The socialist planned economy calls for setting targets and orientation of economic construction, pursuant to the line and policy of the party, and thoroughly carrying them out. It is an advantageous economic system as it makes it possible to give fullest play to the revolutionary enthusiasm and creative ingenuity of the popular masses.
The intrinsic nature and advantages of the socialist economy lie in that the economy serves the people and makes steady progress thanks to the inexhaustible creative energy of the popular masses.
The planning system in the country ensures planned and balanced development of the national economy because it calls for establishing the system and order whereby to combine the state centralized guidance with the mass line under the leadership of the Workers’ Party of Korea in drawing up and implementing a plan. Under the above-said system officials of the state planning organ and higher bodies well informed of the needs of the Party and the state and the overall economic life of the country are required to go down to the lower units and work out any plan through exhaustive discussions with the producer masses and make them regard any adopted plan as their own.
This process makes it possible to overcome both subjectivism and egoism in planning. This system encourages individual units to properly display their independence so that all the working people can produce more social wealth of better quality for the prosperity of the country and their happiness.
The socialist planned economy is a profitable economic system as it ensures steady rapid progress of social production.
But the market economy for money making or a dependent economy aimed at bringing profits to foreign monopoly capitalists only are diametrically running counter to the interests of the popular masses. It can never match the planned and independent socialist economy in terms of rate of development, too.
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