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There is an ongoing project of creating a totally free trade zone in the northeastern region of North Korea, with collaboration of South Korean and Chinese capitals. This once more is a tardy project and contrary to initial hopes, little results is expected. In contrast to the south, where Korea’s high society had been traditionally located, the north had no notable political and cultural center except for P’yongyang, which was an obvious choice for the capital. With this lack of centralized political power and cultural tradition, North Korea was in a position to start off largely from scratch. This proved helpful for constructing a brand-new North Korean cultural identity, stemming from the Soviet cultural existing but distinctly North Korean at the similar time.
The selection Sunday comes amid uncertainty about the effect of new Western sanctions against Russia that could take important amounts of oil off the market. Beginning Monday, a European Union boycott of most Russian oil and a price cap of $60 per barrel on Russian exports by the EU and the Group of Seven democracies take impact. On the other side, oil has been trading at lower costs on fears a slowing economy will cut down demand.
