  We review and update our results for K-> pipi decays and K^0-\bar K^0 mixing
obtained by us in the 1980s within an approach based on the dual representation
of QCD as a theory of weakly interacting mesons for large N colours. In our
analytic approach the dynamics behind the enhancement of ReA_0 and suppression
of ReA_2, the so-called Delta I = 1/2 rule for K-> pi pi decays, has a simple
structure: the usual octet enhancement through quark-gluon renormalization
group evolution down to the scales O(1 GeV) is continued as a meson evolution
down to zero momentum scales at which the factorization of hadronic matrix
elements is at work. The inclusion of lowest-lying vector meson contributions
in addition to the pseudoscalar ones and of Wilson coefficients in a momentum
scheme improves significantly the matching between quark-gluon and meson
evolutions. In particular, the anomalous dimension matrix governing the meson
evolution exhibits the structure of the known anomalous dimension matrix in the
quark-gluon evolution. The recent results on ReA_2 and ReA_0 from the RBC-UKQC
collaboration give support for our approach. In particular, the signs of the
two main contractions found numerically by these authors follow uniquely from
our analytic approach. At NLO in 1/N we obtain ReA_0/ReA_2= 16.0\pm 1.5 which
amounts to an order of magnitude enhancement over the strict large N limit
value sqrt{2}. QCD penguins contribute at 15% level to this result. We also
find \hat B_K=0.73\pm 0.02, with the smallness of 1/N corrections to the large
N value \hat B_K=3/4 resulting within our approach from an approximate
cancellation between pseudoscalar and vector meson one-loop contributions. We
summarize the status of Delta M_K in this approach.
