Entrepreneurial Development and Business Innovation in North Korea's Financial Sector

Abstract:

There has long been the misconception that as the world's most closed society which follows the "Juche" (self-reliance) ideology, North Korea officially known as the Democratic People's Republic of Korea) has little interest in international finance and discourages entrepreneurial development. And, that it's only interest in Innovation pertains to nuclear intercontinental ballistic missiles (ICBMs). Under previous leaders, North Korea saw little need for and shunned innovation and development in the financial sector, especially that of Western origin. However, since 2016 realizing the economic benefits has decided to ‘bite the bullet’ thus emphasizing

entrepreneurship, innovations and development and business development in the financial sector based on Western models. From research and interviews conducted with local North Korean scholars and international experts based in North Korea, and from my personal experience as a professor of finance in North Korea, the objective is to showcase the reasoning and perceived benefits behind North Korea's entrepreneurial and innovation drive in the financial sector; investment banking, venture capitalism and most recently blockchain technology. In addition, discuss the implications of this drive for international actors.