Let us assume that a revolution just happened in North Korea. You have been appointed to the position of a special advisor on North Korean reform, your task is to discuss the possible future scenarios of development and provide policy recommendations. Therefore, try to prepare a brief memo outlining:

1) What are the risks and benefits of fast reunification with South Korea?

2) Whether you expect the suitable reforms to follow the logic of the Washington Consensus. Ideally, use examples from the economic history of neighbouring countries: how much did they really or not rely on market policies during their development?

3) Finally, choose 2 possible privatization methods and discuss what kind of implications for the restructuring, quality of governance, but also the future of North Korean economic elites they might have.