Economists and political scientists spent considerable energy in the past decade explaining the Asian economic miracle—the ability of so many Asian countries to sustain high growth and industrial transformation. Until last year few gave much thought to problems or distortions in Asia’s development process.
Last summer, the problems began bursting to the fore, starting with Thailand and reverberating across large portions of Asia. Now the need is to explain what went wrong and to analyze the many possible implications of the Asian financial crisis. This issue of the Brookings Review brings together a wide range of views on the causes, implications, and possible cures for Asian problems.
Trade backlash and the World Trade Organization
It's very possible that the series of U.S. law enforcement actions made the risks and costs too high to North Korea to keep counterfeiting. The first possibility is that they got out of the game. The second is that they got even better at it, and we just haven't caught them yet. [Conducting covert operations with counterfeit U.S. cash] would have the dual benefit of funding North Korea's operations and engaging in economic warfare against the United States. The Secret Service has been unequivocal that the North Korean supernotes are the best in the world.