This important book provides a cogent critique of the nature of Southeast Asian capitalism. It argues powerfully that the crises in Thailand, Indonesia, Malaysia and the Philippines as well as South Korea are due not to excessive market regulation, but to too much financial liberalization and a consequent undermining of effective monetary and fiscal governance. While recognizing some macro-economic problems and abuses of state intervention in the region, the authors also highlight the nature and implications of current IMF and domestic policy responses which are exacerbating the crises. The first section introduces the crisis; highlights the inadequacies and failure of international financial governance; shows how different these crises are from the earlier Mexican collapse; and investigates the policies on which the IMF is now insisting. The book goes on to present the situation in each country in terms of the historical background, the course of the crisis so far, and the reactions of the various governments.
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About the Author
K.S. Jomo is Professor of Economics at the University of Malaya.
Table of ContentsIntroduction--K.S. Jomo
The East Asian Financial Crisis: Back to the Future--Yilmaz Akyuz
East Asia is not Mexico: The Difference Between Balance of Payments Crises and Debt Deflation--Jan Kregel
Hubris, Hysteria, Hope: The Political Economy of Crisis and Response in Southeast Asia--C. P. Chandrasekhar and Jayati Ghosh
Taming the Tigers: The IMF and the Asian Crisis--Nicola Bullard with Walden Bello and Kamal Malhotra
Thailand: Causes, Conduct and Consequences--Laurids S. Lauridsen
Indonesia: Reaping the Market--Manuel Montes and Muhammad Ali Abdusalamov
Malaysia: From Miracle to Debacle--Jomo K.S.
The Philippines and the East Asian Economic Turmoil--Joseph Y. Lim
South Korea: The Misunderstood Crisis--Chang Ha-Joon