Crisis as Conquest: Learning from East AsiaTo What Extent Does The East Asian Experience Provide Us With A Viable Model Of Economic Development? This Tract Seeks To Answer This Through A Careful Analysis Of The Long-Term Development Of The East Asian Economies And Their Recent Crisis. The Tract Shows The Contradictory Implications Of The Process Of Industrialisation And The Problems Of Unregulated Finance Which Makes Liberalised Economies Extra Sensitive To The Slightest Ripple In Investor Sentiments. To Understand The Specificities Of The East Asian Experience, The Tract Looks Carefully At The Histories Of Crises In Other Parts Of The World, And Provides A Powerful Critique Of The Imf Response To Them. |
Contents
Introduction | 1 |
The World Economy in the 1990s | 8 |
The Making of the Southeast Asian Crisis | 18 |
The Role of Finance | 30 |
The IMF Response | 45 |
Prospects for Recovery in Southeast Asia | 61 |
The Significance of East Asian Industrialisation | 72 |
Was the East Asian Crisis Unique? | 92 |
The Global Fallout | 107 |
Policy Implications for India | 118 |
Appendix | 132 |
References and Select Bibliography | 133 |
Common terms and phrases
Asian economies assets balance of payments billion in 1998 boom capital flight capital flows capitalist cent of GDP chaebols China collapse commodities competitive contagion crises crucial currency current account deficit debt deceleration decline depreciation developing countries dollar domestic earlier East Asian East Asian crisis emerging markets employment exchange rate expansion export growth external vulnerability FDI flows financial crisis financial institutions financial liberalisation financial markets financial system fiscal foreign capital foreign exchange foreign investors funds global globalisation hedge funds IMF's important increase Indonesia industrial industrialisation inflation inflows interest rates international capital international financial international markets investment ratio investor confidence involved Jayati Ghosh macroeconomic Malaysia manufactured exports monetary outflows panic withdrawal problems production rapid rate of growth recovery region relocation restructuring role short-term South Korea Southeast Asia speculative stabilisation strategy substantial surplus sustained Taiwan Thailand UNCTAD Washington D.C. World Bank world economy world trade