After crisis: adjustment, recovery and fragility in East Asia

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 economies dogmas that have dominated economies policy-making for more than two decades. Yet, in some other ways, the current crisis is not very different from those that have preceded ?t in the recent past. July 2007 marked the completion of 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. (http://www.printsasia.com)