Description
Book SynopsisAs Southeast and Northeast Asia recover from the Asian crisis and return to a state of growth, the authors of this book assess the lessons to be learned from the crisis to achieve sustainable development in the future. While the importance of each factor contributing to the crisis varies from country to country, their collective experience has created unprecedented turmoil in current thinking on development policy.
The authors argue that the major schools of thought need paradigm changes in the wake of the crisis. Those who believe that a 'strong state' or system of semi-democracy is essential for economic growth have been disproved by the sudden collapse of these economies. These countries must now adapt to the fact that society must be open to ideas and democratise its polity to achieve innovation-driven sustainable development. Those who used the success of East Asian economies as a vindication of the neo-classical orthodoxy, referred to as the 'Washington consensus', must now see the follies of progressive withdrawal of the government from the economic sphere and of unfettered flows of short-term capital.
This book offers a timely and reflective analysis of the Asian financial crisis and brings together a detailed overview of the different and often competing responses within the countries of the region. It will be welcomed by students and scholars with an interest in Asian economics, development studies, international political economy, and international relations.
Trade Review'The volume is certainly interesting and well-informed and would make a valuable addition to reading lists for courses on East Asian economic development.' -- Anne Booth, Asia Pacific Business Review
Table of ContentsContents: 1. Introduction 2. Beyond the Crisis 3. Revitalizing the Japanese Economy 4. Paradigm Shift in Korean Economic Policy in the Wake of the 1997 Financial Crisis 5. Beyond Thailand’s Crisis 6. Indonesia 7. Malaysia’s Recovery from the Burst Bubble 8. The East Asian Crisis 9. Singapore in the Aftermath of the Asian Crisis 10. Weathering the Asian Financial Crisis 11. Why Financial Crisis May Come to China But Not Taiwan 12. Marketization, Democracy and Economic Growth in China 13. The IMF and the New International Financial Architecture
