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Books > Business & Economics > Economics > Macroeconomics
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How Asia Got Rich: Japan, China and the Asian Miracle - Japan, China and the Asian Miracle (Hardcover)
Loot Price: R3,927
Discovery Miles 39 270
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How Asia Got Rich: Japan, China and the Asian Miracle - Japan, China and the Asian Miracle (Hardcover)
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Within a few short months in 1997, Asian economies that had been
considered not only healthy but "miraculous" suddenly fell off a
precipice as investors withdrew massively first from Asian
currencies and, in rapid order, from equity markets across the
region. On October 27 1997, the turmoil in Asian markets spooked
Wall Street in the largest single-day decline in history, a drop of
550 points. It was predicted that the Asian crash could drive the
US trade deficit from $191 billion to $300 billion by 1998,
creating huge new tensions in relations with some of the largest US
trading partners. These wrenching changes, following a generation
of success, raise numerous questions about the steps that led to
the crisis, its likely outcome and the limits and constraints of
"Asian capitalism". Edith Terry presents a blow-by-blow account of
the crisis, beginning with the 1996 collapse of the Bangkok Bank of
Commerce. In her overview, she links the fall of the Asian miracle
with the theme of globalization, arguing that the crisis
demonstrates the urgency of dismantling restraints to trade,
investment, and financial services, and that the United States
should take leadership in pushing for new and sweeping reform
through the World Trade Organization and in bilateral negotiations
with its trading partners. The final section of the book deals with
the rise of the "Asian miracle" - how the myth was created, who
created it, why it succeeded for so long - and is informed by
analysis of the Japanese prototype.
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