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After Crisis – Adjustment, Recovery and Fragility in East Asia (Hardcover)
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After Crisis – Adjustment, Recovery and Fragility in East Asia (Hardcover)
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The global financial crisis that exploded around September 2008 was
just one more in a series of crises that have affected more than
sixty countries in the era of financial liberalization. Of course
the latest crisis is particularly significant in a number of ways:
it originated in the core of capitalism, in the United States; it
has spread dramatically across the world, even to countries that
earlier seemed to be relatively secure; it calls into question many
of the mainstream economic dogmas that have dominated economic
policy-making for more than two decades. Yet, in some other ways,
the current crisis is not very different from those that have
preceded it in the recent past. July 2007 marked a decade since the
onset of financial crisis in several East and Southeast Asian
countries. The crisis of 1997 focused attention on the dangers
associated with a world dominated by fluid finance. It brought home
the fact that financial liberalization can result in crises even in
so-called 'miracle economies'. Prior to the crisis, the pace and
pattern of growth in many countries in that region were challenging
the dominance of the original capitalist powers over the global
economy. The 1997 crisis set back that process, and even after a
decade many of these countries have not been able to recover their
pre-crisis dynamism. In hindsight, it is clear that currency and
financial crises have devastating effects on the real economy. The
ensuing liquidity crunch and wave of bankruptcies result in sever
deflation, with attendant consequences for employment and the
standard of living. The adoption, post-crisis, of conventional IMF
stabilization strategies tends to worsen the situation: governments
become so sensitive to the possibility of future crises that they
continue to adopt very restrictive macro-economic policies and
restrain public expenditure even in crucial social sectors.
Finally, asset-price deflation and devaluation pave the way for
foreign capital inflows that finance a transfer of ownership of
assets from domestic to foreign investors, thereby enabling a
conquest by international capital of important domestic assets and
resources. This book delineates the alternative trajectories of
post-crisis development in different economies, the lessons they
offer and the implications they have for alternative policies. It
is important to take stock of these processes not only for
understanding the experience of the 'crisis economies' of East and
Southeast Asia, but also because it is becoming evident that the
international financial system has still not evolved effective ways
of preventing such crises among emerging economies and of reducing
their damaging effects. Indeed, an examination of the post-crisis
experience of countries outside East Asia reveals important
similarities (as well as some differences) that have implications
for all developing countries that have undergone a significant
degree of global economic integration. This book therefore has a
wider focus than the East Asian 'crisis economies' alone: it tries
to situate post-crisis developments in a broader analysis of the
recent political economy of international capitalism, in particular
the role of mobile finance. It also offers comparative perspectives
on post-crisis restructuring in other developing countries that
have experienced crisis; as well as on the experience of other
Asian countries that were affected by, but did not experience
financial crisis. While the essays in this book were originally
written in 2007, they still remain extraordinarily relevant to the
present times, not least because they anticipate the processes that
led to the global financial meltdown in 2008. A key insight of much
of the analysis in this book is how market-oriented strategies to
cope with the crisis created further financial fragility in many
post-crisis economies. To that extent many of these papers
effectively predict the severe impact the current global crisis is
having on both financial variables and the real economy, in
developing countries in particular.
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