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For much of the second half of the twentieth century, the Asian
economic ?miracle? has fueled the greatest expansion of wealth for
the largest population in the history of mankind. In the summer of
1997, thirty years of economic boom came crashing back to earth.
The reality of unrestrained speculation, misallocated private
investment, fixed exchang
For much of the second half of the twentieth century, the Asian
economic "miracle" has fueled the greatest expansion of wealth for
the largest population in the history of mankind. In the summer of
1997, thirty years of economic boom came crashing back to earth.
The reality of unrestrained speculation, misallocated private
investment, fixed exchange rates, and inadequately supervised banks
has struck the much-vaunted "Asian Tigers" like Thailand,
Indonesia, Korea, and finally, Japan, casting a shadow of
uncertainty on a region recently at the forefront of the world
economic system. Recovery depends largely on reform within the
Asian economies themselves and a cold assessment of the structural
weaknesses that lay under the surface, but only now have come to
light. The implications for world economies and, more broadly, the
dynamics of world politics, are tremendous.In "Asian Contagion: The
Causes and Consequences of a Financial Crisis, " Karl D. Jackson,
director of the Southeast Asia Studies Program at the Paul H. Nitze
School of Advanced International Studies at Johns Hopkins
University, has commissioned a group of leading experts on business
and economic policymaking in Asia in an effort to provide the most
up-to-date overview available on the Asian downturn. Each author
considers one nation--Japan, China, India, Thailand, Indonesia,
Korea, the Philippines, and Vietnam--and the country analysis is
framed by an introductory chapter on the roots of the crisis. The
chapters consider the most current economic statistics, but view
them with an overriding attention to contextualization rather than
a more perishable micro focus.
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