Assessing Engagement: Why America’s Incentive Strategy toward North Korea “Worked” and Could Work Again
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This paper will explain what economic incentives are, how they work as a policy instrument, when they work, and the scope and limits of their effectiveness. Armed with a realistic understanding of incentives, we are then in a position to accurately assess the incentive strategy of 1994-2002. Drawing the right lesson from this historical period is critical, because, should a future American administration conclude that long-term efforts aimed at encouraging cooperative policies from the North are the only viable alternative, it will need a correct understanding of the previous incentive strategy to fashion a new strategy of engagement. This article concludes with lessons learned from this period that could be used to strengthen the likelihood of success in any future engagement with North Korea.
Abstract
This paper will explain what economic incentives are, how they work as a policy instrument, when they work, and the scope and limits of their effectiveness. Armed with a realistic understanding of incentives, we are then in a position to accurately assess the incentive strategy of 1994-2002. Drawing the right lesson from this historical period is critical, because, should a future American administration conclude that long-term efforts aimed at encouraging cooperative policies from the North are the only viable alternative, it will need a correct understanding of the previous incentive strategy to fashion a new strategy of engagement. This article concludes with lessons learned from this period that could be used to strengthen the likelihood of success in any future engagement with North Korea.