Far from matching my expectation, however, the North Korean financial system ended up becoming something that is unheard of in human civilization. That exposure led me to have some grasp of the North Korean financial system.Īt that juncture, I envisioned that the North Korean financial system would evolve into something similar to the “mono-banking” system that is found today in Cuba. At the time, a team of bankers from North Korea’s central bank were stationed at the PBC for training. I had this conception when I was teaching at the People’s Bank of China as a visiting professor in 2000. In this essay, I propose a new approach to understanding North Korea-an approach based on money flows. How can we cope with the fact that the basic common sense of the human race is not applicable when it comes to explaining and predicting things North Korean? An Unheard-Of National Financial System This episode makes us ponder the essential nature of the political community called North Korea. But the outcome showed that the Japanese people’s naive belief in the goodness of human nature had been betrayed again. Expectations had been rather high in Japan, as Pyongyang announced with great fanfare that the mission would be carried out by the State Security Department, the infamous and veiled ideology-policing agency. North Korea’s special investigation on the Japanese abductees ended on October 29, 2014, with no meaningful achievements, leaving only a sour aftertaste for the Japanese.
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