Four years have passed since the onset of the 2008 global crisis,
and although some believe that there may be a second down draft
soon, attention has shifted from crisis narration to assessing
lessons essential for preventing or managing recurrences. The
exercise is worthy, but there is always the danger of preparing for
the last war when the next attack takes another form. Prevention
and Crisis Management addresses this problem by highlighting the
future threat to Asia from a broader perspective that takes account
of the Japanese and Asian financial crises during the 1990s as well
as the global crisis of 2008. The enlarged framework turns out to
be illuminating for two distinct reasons. First, it reveals that
Asian crises take many diverse forms, and second, the solutions
devised to date have only been locally and not universally
effective. Policymakers are accordingly advised to always plan for
the element of surprise.
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