October 18, 2011 / 10:37 AM / 8 years ago

North Korea: Capitalism is fading from history

A protester holds a North Korean flag, which protesters were stopped from burning by the police, at a rally denouncing North Korea in Seoul November 24, 2010. REUTERS/Kim Kyung-Hoon/Files

SEOUL (Reuters) - North Korea is feeling smug about its political system, gloating about how millions around the world have rallied in the biggest protests against capitalism in 300 years.

The world’s most closed and secretive country, which officially ditched communism in favour of a military-first ideology in 2009, ran a story on Tuesday under the headline “Capitalism has no future” on its state-run news agency KCNA.

“The only way out of the present crisis facing the capitalist world is to root out its system. Capitalism is fading away from history as it exploits people and is forsaken by them.”

It added: “It is impossible for the Western countries to get rid of the evil cycle of crisis as long as the capitalist market economy is left as it is.”

KCNA has run a series of stories on the financial crisis which has gripped much of the world in recent months, and in a separate article applauded the “struggle of the working masses” in the weekend “Occupy Wall Street” protests around the world.

“The Occupy Wall St movement was an eruption of the exploited classes’ pent-up wrath at the exploiters,” it said, decribing the protests “as the biggest organised ever in history of capitalism spanning more than 300 years”.

Reporting by Jeremy Laurence; Editing by Ron Popeski

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