This text captures the effects of sanctions and inducements on North Korea and provides a detailed reconstruction of the role of economic incentives in the bargaining around the country's nuclear program.

Stephan Haggard is the Krause Distinguished Professor of Korea-Pacific Studies at the Graduate School of Global Policy and Strategy, University of California, San Diego. With Marcus Noland, he is the author of Famine in North Korea (2007), Witness to Transformation (2011), and the blog North Korea: Witness to Transformation.Marcus Noland is Executive Vice President and Director of Studies at the Peterson Institute for International Economics and Senior Fellow at the East-West Center. He is the author of Avoiding the Apocalypse (2000), which won the 2002 Masayoshi Ohira Memorial Prize.

1. Introduction: The Political Economy of Engagement
2. The Political Economy of North Korea: The Paradigmatic Hard Target
3. North Korea's External Economic Relations, 1990-2016
4. Humanitarian Dilemmas: The Political Economy of Food
5. The Microeconomics of Engagement
6. Negotiating on Nuclear Weapons I: The Rise and Fall of the Six Party Talks (2001-2008)

7. Negotiating on Nuclear Weapons II: Permanent Crisis, 2009-2016
8. Conclusion: Whither North Korea? Whither Economic Statecraft?