When news tidbits about North Korea’s “New Economy Management System” trickled out from early July 2012, curious and uneasy observers on the North had some expectations on possible economic reforms under the new leadership of Kim Jong-un. A year and a half later, we are hearing about an indefinite delay, if not total scrapping, of the supposedly innovative plan to improve people’s lives with loosened state control. The world knows that there are two North Koreas on the northern half of the Korea

Psy’s “Gentleman” was recently named “The No. 1 Viral Video of 2013” by TIME magazine and Girls’ Generation’s “I Got a Boy” ranked fifth on TIME’s “Top 10 Songs of 2013” list. Indeed, both Psy and Girls’ Generation have contributed greatly to upgrading the brand value of South Korea. It is undeniable that they have done a splendid job as cultural ambassadors by letting the world know about South Korea. No one can possibly disparage or diminish what they have accomplished.Nevertheless, when it co

TEHRAN ― The Iranian economy manages to hobble along despite “crippling” economic sanctions. The streets are clogged with traffic, ATMs dispense streams of cash, banks issue Iran-only debit cards, and a nation of traders finds ingenious ways to evade legal obstacles. Oil exports may have collapsed officially, but several Iranians tell me that many thousands of barrels are leaking out secretly via Iraq. One Iranian businessman explains that you can get under-the-table financing for almost anythin

PARIS ― A French business magazine recently ranked IMF Managing Director Christine Lagarde the most internationally influential French person alive ― well ahead of President Francois Hollande. While politics may have influenced that particular decision, there is no doubt that Lagarde is at least the most prominent French woman alive.Lagarde’s competition in this category is not particularly stiff. Valerie Trierweiler, Hollande’s partner, came to prominence with an ill-judged political tweet abou

It’s charity time, and not just because the holiday season reminds us to be charitable. As the tax year draws to a close, the charitable tax deduction beckons.America’s wealthy are its largest beneficiaries. According to the Congressional Budget Office, $33 billion of last year’s $39 billion in total charitable deductions went to the richest 20 percent of Americans, of whom the richest 1 percent reaped the lion’s share.The generosity of the super-rich is sometimes proffered as evidence they’re c

The Oscars won’t be awarded until March, but those who hand out the annual Behavioral Economics Oscars (known as the Becons) are famously impatient, and it is time to announce this year’s winners.― Best Actress: In recent years, behavioral economists have become interested in emotions and affect. It is now widely known that human beings use an “affect heuristic” in thinking about activities and risks. Instead of carefully assessing the statistics about (say) nuclear power or genetic modification

Self-awareness often eludes U.S. officials who push American interests on Asia. John Kerry’s visit to Vietnam was a case in point as the secretary of state implored the government to ratify the Trans-Pacific Partnership.In his pitch earlier this week, Kerry said the U.S.-led trade deal would bring “transparency” and “accountability” to the communist nation, helping it become a more open society that supports free expression. An odd thought, considering the Big Brother-like secrecy enshrouding th