About the Book

A Capitalist in North Korea: My Seven Years in the Hermit Kingdomis the memoir of Felix Abt, a Swiss entrepreneur who worked in the world’s most isolated, “Stalinist" fortress over the past decade. Abt offers in-depth portraits of the thrills, adventures, hurdles and even accusations of spying while working behind the world’s last Iron Curtain. He finds a side of North Korea that is far from sinister—one that has been lost in the flood of accounts from defectors, journalists, activists, and politicians who have pummeled the nation into isolation.

The author was privileged to have been granted wide access to the hermit kingdom where he visited seven out of nine provinces and more than two dozen cities, interviewing hundreds of high-ranking party and government officials as well as ordinary North Koreans. He brought capitalism to North Korea through all sorts of unexpected projects: the Pyongyang Business School, the European Business Association in Pyongyang, and ventures in pharmaceuticals, precious metal extraction, and bottled water.

Did you know, for instance, that plastic surgery and South Korean drama shows are all the rage among the women of Pyongyang? That the capital offers a line-up of decent hamburger joints? That young North Koreans are eagerly signing up for business courses in preparation for market reforms? And that United Nations sanctions are the biggest obstacle to doing legitimate business in the DPRK? With dozens of photographs taken by the author, A Capitalist in North Korea offers an account of the unknown aspects of North Korea, looking beyond tales of famine and suffering.


Praise for A Capitalist in North Korea 

"Just finished your book--fascinating! What an experience. Wow."

Justin Rohrlich, Emmy Award winner, head writer of Minyanville's World In Review, the world's first (and only) animated business news show.


While many outsiders may see the country as “stuck,” A CAPITALIST IN NORTH KOREA depicts a society in motion—changes in gender relations, values between generations, government functions such as the public distribution system, attitudes toward foreigners and foreign investment, relations with China, practices and policies in agriculture, how markets operate, how people find their housing, how companies find their offices, and how people find their jobs.

—Jeff Baron, 38 North: Informed Analysis of North Korea, U.S.-Korea Institute at the Paul H. Nitze School of Advanced International Studies (SAIS),  Johns Hopkins University


“This inside account of life as a Western businessman in North Korea is uniquely first-hand and up-to-date. Combining general insights and precise examples drawn from seven years as a foreign businessman in Pyongyang and from his interaction with the North Korean elite and middle class, Felix Abt supplements and balances important works on the suffering of ordinary North Koreans during the great famine of the 1990s and on the dangerous nuclear gamble played by the country's leadership. The author offers a multifaceted insight into a facet of reality in North Korea that is often either not seen or deliberately ignored in the West. This book challenges many of our views of an allegedly isolated and static country. It is a must-read for everyone who is seriously interested in understanding important aspects of the inner dynamics and the development of North Korea in the 21st century.”

Rüdiger Frank, North Korea expert and economics professor, University of Vienna.

Rüdiger Frank was appointed Co-Chair of the North Korea Advisory Board set up by the World Economic Forum (WEF), famous for its annual convention in Davos, Switzerland where the world's top business leaders meet. The Advisory Board is aimed at fostering dialogue with North Kora and providing advice and support for its economic development.


“Very few Westerners can match Felix Abt's depth of hands-on business experience in North Korea. Not only similarly adventurous would-be investors and traders in the 'Hermit Kingdom' but also members of my own fraternity of Pyongyang-watchers will want to peruse his useful new book for the otherwise unavailable details and unique insights it provides. Don't look for apologies here. The author strongly believes, and argues, that the use of international sanctions to isolate the country from the global economy is a counterproductive policy.”

Bradley K. Martin, longtime Asia news correspondent and author of 'Under the Loving Care of the Fatherly Leader: North Korea and the Kim Dynasty'


The book is well worth reading for the picture it gives of a country that, unlike the conventional Western image, is not full of mad people following the instructions of mad leaders. Some issues may be avoided but Abt tells what he saw rather than what others told him was there.... He learnt to work closely with his Korean staff and, like others, found that Korean women, whether in North or South Korea, often provide a more capable and efficient body of staff. They are as well-educated as their male counterparts but do not suffer from the same status hang-ups of the latter.

James E. Hoare.  Dr. Hoare was the British Chargé d'affaires in Pyongyang who laid the foundation for the establishment of a full British embassy in the North Korean capital. He is a British academic and historian specializing in Chinese and Korean studies.


Receiving high praise from North Korea experts such as University of Vienna professor Rüdiger Frank, who has called the 320­page book a “must­read,” what’s   remarkable about A Capitalist in North Korea is the frankness with which Abt chronicles his time there. Rather than focusing purely on the current socio-political
situation in North Korea or human rights in the country — as many travel books like Barbara Demick’s Nothing to Envy: Ordinary Lives in North Korea do — Abt focuses on his own journey, showing the reader what he was thinking and feeling at the time.

—The Galo Magazine


His memoir, initially self-published as an ebook in 2012, is a rare account of the challenges of doing business in what remains a true frontier market... Unsurprisingly, Abt paints a picture of a business environment that is unpredictable and riven with morale-draining bureaucracy.

The Financial Times


Swiss businessman Felix Abt spent seven years in North Korea managing a pharmaceutical company and setting up the Pyongyang Business School. In his recent book, he describes how capitalism has influenced the North Korean elite. A new young subset of bureaucrats is receiving the equivalent of MBAs. A software venture produced a top-selling iPhone game for the German market. The Pyongyang University of Science and Technology has taken up where Abt's business school left off.

—The Huffington Post


It's rare indeed to get an insider perspective from one of these agents of change.

Foreign Policy in Focus


The author has by far the best business experience in North Korea.

Toyo Keizai Business Weekly, Tokyo


"Few westerners have had a similar opportunity to meet and work alongside ordinary North Koreans – let alone socialize with them – and his book demonstrates an abiding affection for the people of this benighted state."

The South China Morning Post


Along with his hopes for change, Abt weaves in descriptions of everyday life, picnics and favourable impressions left by visiting American orchestras, among other things.

The Sidney Morning Post


While Abt is clear that doing business in North Korea is by no means a guaranteed success, he rightly sees it as one of the best methods for improving the lives of millions of North Koreans caught between domestic and foreign repression. “Business,” he writes, “is the way forward for Kim’s country … a promising way to open and change the hitherto isolated country and the course of things for the better.”

Mises Daily, the Mises Institute


The trouble with knowing almost nothing about North Korea is that it's so easy to believe almost anything about North Korea. And the trouble with believing almost anything about North Korea is that boring, actual things like resource extraction and trade deals are way less fun to believe than interesting, fake things like Kim Jong Un feeding family members to dogs. But the boring, actual things are actually really interesting.

Entrepreneur Felix Abt has actually been in North Korea, he wrote about his time in the DPRK in the book "A Capitalist in North Korea: My Seven Years in the Hermit Kingdom."

—Chuck Mertz, This is Hell! radio, Chicago


Abt’s account combines three separate narratives. The first is the obligatory general introduction to the country, the compressed and often facile history required to frame the discussion. The second piece is the “daily life” segment. In Suki Kim’s account of her time teaching at PUST, daily life is a grind. Abt’s purpose, by contrast, is to humanize and it is clear he knew how to enjoy himself. Yes, there are the monuments, propaganda posters and security snoops. But the message is “life goes on.” Most North Koreans are like the rest of us in basic ways: working, fretting over their children, worrying about getting ahead.

The Peterson Institute for International Economics


"No one has [Felix Abt's] credentials: seven years of unparalleled access to most levels of North Koreans in the central government and seven of nine provinces, founder of a Pyongyang Business School and first President of the Pyongyang European Business Association. This "capitalist" attacks conventional wisdom on North Korea; sometimes with blunt force, sometimes with nuance, but always with a businessman's eye and always with a fiery, humor-tempered wit. Indeed, the personal pictures and lively pace of the book combine the feel of a fireside chat with facts one expects from a businessman."

—Roger Cavazos, Associate, The Nautilus Institute


“Before there was Orascom there was Pyongsu Pharmaceutical Co. In this book Swiss businessman Felix Abt discusses a cross section of topics related to North Korea, a country about which the author has gathered a great deal of information and business know-how as one of the country's first western resident investors and social entrepreneurs. The strongest parts of the book are those that deal with the author’s first-hand experiences in solving problems that come along with establishing and running a firm that produces high-quality pharmaceuticals in North Korea. Although many expected and unexpected obstacles business persons must address in the areas of operations, logistics, management and finance within the DPRK are discussed, the book is also peppered with interesting anecdotes and stories about cultural and private life in the DPRK that do not typically receive attention in the western media (at one point the author offers a North Korean joke about adultery).”

Curtis Melvin, blogger, North Korea Economy Watch.


“Felix Abt’s new book, “A Capitalist in North Korea”, is a precious account of a long-term resident of the Hermit Kingdom. Some readers may disagree with author’s conclusions but everyone will find the content of this book fascinating. The book is destined to serve several generations of readers. These days, occasional travelers and business entrepreneurs will benefit from it but, as time passes by, economists, sociologists and historians will study this book as a rare perspective on the tragic episode of the Cold War in East Asia.” 

Leonid Petrov, lecturer in Korean studies, University of Sidney.


"Most notably the book offers at all times a profound commitment to the people of North Korea, essentially arguing that engagement and ideas are the only way to help this country, which would nicely sidestep the need for millions of deaths, billions of military spending and trillions of rebuilding costs which could happen in the case of war, made more likely by the sabre rattling and hitting with sticks which the United States is particularly keen to do."

Professor Lloyd Pettiford, Nottingham Trent University


“In certain respects, this book may be compared to Peter Olszewski’s Land of a Thousand Eyes. The Subtle Pleasures of Everyday Life in Myanmar (Crows Nest, NSW: Allen & Unwin, 2005). Both authors describe their colorful personal experiences in countries whose coverage in the Western mass media has been mostly confined to stories about the repressive practices and military ambitions of their ruling autocrats, and about the political, social, and economic hardship suffered by ordinary citizens. Both Abt and Olszewski seek to counter these simplified and often sensationalist images by more or less skirting subjects of a political and security nature, and instead drawing attention to other, less martial aspects of life in North Korea and Burma, such as cultural traditions, gender relations, social customs, education, forms of entertainment, and – last but not least – the art of making business.”

Balázs Szalontai, author, 'Kim Il Sung in the Khrushchev Era'.


"Felix Abt – no better guide to the real North Korea. - Many people pontificate on North Korea, usually in lurid and extravagant ways.  Many who do this have never been to the country, or have only a fleeting experience of it.  It seems as if there is an inverse relationship between actual knowledge and the fantasies that many self-proclaimed ‘experts’ construct.  This is where Felix Abt is so different. There are four reasons why he deserves our attention.

Firstly he has spent more time in North Korea than perhaps any other foreigner. Secondly there is the nature of his involvement.  Ambassadors, some of whom are prone to write pretentious books about the countries to which they have been posted, have very little engagement with ordinary people and the realities of life.  Even aid workers, some of whom spend a considerable time in country, and often travel through it quite widely, have an experience limited by the nature of their job and its functions.  Businesspeople, especially those such as Felix Abt who have operated at a fairly grass-roots level are another matter. They deal with Koreans on an equal basis, not as His Excellency the Ambassador, or as Ms Aid Worker who dispenses money and advice.  Businesspeople must work their way around bureaucratic obstacles and cultural barriers. They must deal with the frustrations of a stressed infrastructure. They have to cope with the sanctions that have so devastated the economy. They, and their Korean counterparts, have to struggle to get things done and products manufactured and into the market in very practical ways.  In doing so they share the challenges, and achievements, of Koreans in a way that foreigners seldom do. Thirdly, as president of the European Business Association in Pyongyang, and initiator of the Pyongyang Business School, he has had extensive contact with foreigners, and Koreans, who share those experiences.  In a sense it is not one pair of eyes we are looking though, but of a number. Fourthly, Felix Abt has had experience in other countries, including Vietnam, so can bring in a comparative perspective."

Tim Beal, Author of North Korea: 'The Struggle against American Power.  London and Ann Arbor': Pluto Press, 2005. 'Crisis in Korea: America, China, and the Risk of War'.  London: Pluto, 2011.


"North Korea has often been in the headlines for the reasons we know: nuclear issues, Kim Jong Un’s wife, lack of internet. However we knew a little about the real daily life of North Koreans (not the one described by journalists who have been one time in North Korea) and the economical reality of North Korea. Felix Abt, one of the few foreigners who lived in reclusive North Korea for 7 years, tried in his book to give an overview of these issues. According to me he virtually succeeded in it. The result is terrific: We can not only approach and taste the crunchy daily life of North Koreans and as a a cherry on the cake, we can better understand the real economy of North Korea. What’s more, the author is not only a writer, but above all a manager whose approach will let us read some details related to business in North Korea that we will not find anywhere else. Therefore, I consider that the book of Felix Abt is a must-read for all those who want to get an objective view on North-Korean issues."

Nicolas Levi, researcher at the Polish Academy of Sciences and an analyst on Korean Issues at the Poland Asia Research Center (www.polska-azja.pl). Holding a PhD regarding the North-Korean leadership, his personal website (nicolaslevi.wordpress.com) focuses on North Korea issues.


"This is the best book about the DPRK to come out; althouth that's not much of a compliment considering the rubbish filling the bookstores nowadays. The author, Felix Abt, was not a leftie looking for a socialist paradise, nor a journalist earning his/her hire with breathless horror stories, or a diplomat who has to be careful what he says, nor an evangelist bent on saving souls. He was (and is) a hard-headed businessman. A Swiss national, Abt spent seven years in North Korea, leaving in 2009.  He managed several Western businesses, being involved in pharmaceuticals, mining and bottled water, traveled all over the country and had contact with senior economic officials as well as dozens of ordinary people. He also set up the European Business Association, which was the first foreign chamber of commerce in Pyongyang, and the Pyongyang Business School. According to Abt, the North Koreans are eager to learn Western ways of doing business and he received wholehearted cooperation from both his workers and the authorities. It was not all smooth sailing, he admits, but adds that the problems he encountered in the DPRK were no worse than those bedeviling anyone trying to run businesses in a foreign country. And he should know, having worked in a number of different countries. Abt doesn't mince his words. He criticizes foreign NGOs in North Korea for creating a 'culture of dependence,' when what the North Koreans need is the investment and training that only business people can provide, to help them stand on their own two feet. He also lays the blame for much of the North Koreans' suffering fair and square where it belongs: politically motivated foreign sanctions imposed to strangle the North Korean economy. He says, 'it is engagement, not isolation, that can lead to the improvement of human rights.' He also reproduces a telling quote from the French economist Bastiat: 'When goods don't cross borders, armies will.' Don't waste your time and money on any other book about the DPRK. Read this one."

—Paul White, Publisher of DPRK Business Monthly


"Des expériences édifiantes d'un entrepreneur suisse qui a vécu sept années à Pyongyang et y créa l'Association des hommes d'affaires européens, une Business School, des co-entreprises dans les secteurs de l'industrie extractive, la pharmacie ou encore l'embouteillage d'eaux minérales (ex. Félix Abt : A Capitalist in North Korea, Kindle Book, 2012, 17019 KB)."

Francois Guilbert, Le Huffington Post, France, en association avec le groupe Le Monde



The new book NORTH KOREA BEHIND THE VEIL by Felix Abt is a collection of an insider’s short stories, articles and uncensored images, providing a unique insight and a different perspective on the so-called Hermit Kingdom. — And this is what motivated the author, who lived and worked for seven years in North Korea, to publish it: “North Korea has been portrayed for decades as a monolithic gulag network filled with slaves and a hellhole by the mass media. The socio-economic changes North Korea has undergone over the last decade or more have been almost entirely unreported. Indeed, by the beginning of 2017, mass starvation had long ceased, while more and better-assorted markets emerged throughout the country (and yet you’re still reading that ‘North Korea’s regime is starving its population’). Fewer people are punished for political crimes than in the past (but you still read that three generations of a family are sent to the gulag for the slightest political crime). The rising middle class has been transforming the rigid old political class system since marketization has enabled people from lower classes to build their own business, with some becoming rich and even more influential than many party and government officials from the privileged ‘core class,’ something prohibited two decades ago. Yet, you’re still told by the media that a North Korean’s fate is solely defined by the social ‘caste’ he belongs to and so on. Business people around the world have had no access to any news of positive progress, while any stories of ‘normal’ development are generally considered not to be newsworthy by the media. — Alas, the strangulating economic embargo which was imposed later in 2017, a de facto collective punishment, is bound to reverse this progress, causing enormous and unnecessary suffering to the North Korean people.” Free dowload here.