Cover image for The politics of the Asian economic crisis
Title:
The politics of the Asian economic crisis
Author:
Pempel, T. J., 1942-
Publication Information:
Ithaca, [N.Y.] : Cornell University Press, 1999.
Physical Description:
xii, 284 pages : illustrations ; 24 cm.
Language:
English
Contents:
The Asian crisis, democracy, and the end of "late" development / Bruce Cumings -- Asian business networks in transition: or, what Alan Greenspan does not know about the Asian business crisis / Gary Hamilton / Regional up, regional downs / T.J. Pempel -- The determination of financial crisis in Asia / Jeffrey A. Winters -- Free market fancies: Hong Kong, Singapore, and the Asian financial crisis / Linda Y.C. Lim -- The state, democracy, and the reform of the corporate sector in Korea / Meredith Woo-Cumings -- Political institutions and the economic crisis in Thailand and Indonesia / Andrew MacIntyre -- Neither dynamo nor domino: reforms and crises in the Philippine political economy / Paul Hutchcroft - Surviving the east Asian financial storm: the political foundation of Taiwan's economic resilience / Yun-Han Chu -- China: domestic restructuring and a new role in Asia / Barry Naughton.
Added Author:
ISBN:
9780801437229

9780801486340
Format :
Book

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Summary

Summary

In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"--with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997-98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.


Summary

In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"--with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997-98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.


Reviews 2

Choice Review

The Asian financial crisis of 1997-98 left some 27 million workers unemployed, while the economies of several "Asian tigers" suffered a sharp downturn and registered negative rates of growth. The "Asian flu" triggered a global financial crisis and challenged neoliberal claims about the "magic of the market" and the ability of free capital flows to promote economic development. Was the Asian crisis caused by external forces? Was it caused by "crony capitalism?" Why did Taiwan manage to weather the crisis, while Indonesia and South Korea fell into deep recession? This fine collection persuasively answers these questions, going beyond prevailing economic analyses. The well-argued and documented essays are tightly integrated in a common framework. Part 1 analyzes the historical context, the uniqueness of Asian regionalism, and the external and internal factors behind the crisis. Part 2 includes case studies of national responses. The authors show that vulnerability varied with links to the global economy and that domestic politics shaped each country's response to the crisis. A separate chapter on the role of the US and the IMF in managing the crisis would have been beneficial. Yet this first-rate contribution to the study of Asia's political economy in the era of globalization will benefit upper-level undergraduate and graduate students and researchers. M. E. Carranza; Texas A&M University--Kingsville


Choice Review

The Asian financial crisis of 1997-98 left some 27 million workers unemployed, while the economies of several "Asian tigers" suffered a sharp downturn and registered negative rates of growth. The "Asian flu" triggered a global financial crisis and challenged neoliberal claims about the "magic of the market" and the ability of free capital flows to promote economic development. Was the Asian crisis caused by external forces? Was it caused by "crony capitalism?" Why did Taiwan manage to weather the crisis, while Indonesia and South Korea fell into deep recession? This fine collection persuasively answers these questions, going beyond prevailing economic analyses. The well-argued and documented essays are tightly integrated in a common framework. Part 1 analyzes the historical context, the uniqueness of Asian regionalism, and the external and internal factors behind the crisis. Part 2 includes case studies of national responses. The authors show that vulnerability varied with links to the global economy and that domestic politics shaped each country's response to the crisis. A separate chapter on the role of the US and the IMF in managing the crisis would have been beneficial. Yet this first-rate contribution to the study of Asia's political economy in the era of globalization will benefit upper-level undergraduate and graduate students and researchers. M. E. Carranza; Texas A&M University--Kingsville