The Politics of the Asian Economic Crisis

In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis" -- with serious repercussions for nations and markets around the world.

While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 199798 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.

As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.

Contributors

vii

(2)

Acknowledgments

ix

(2)

Abbreviations

xi

Introduction

1

(16)

T. J. PEMPEL

PART I. INTERNATIONAL AND REGIONAL CONTRIBUTIONS

17

(84)

1. The Asian Crisis, Democracy, and the End of "Late" Development

17

(28)

BRUCE CUMINGS

2. Asian Business Networks in Transition: or, What Alan Greenspan Does Not Know about the Asian Business Crisis

45

(17)

GARY HAMILTON

3. Regional Ups, Regional Downs

62

(17)

T. J. PEMPEL

4. The Determinant of Financial Crisis in Asia

79

(22)

JEFFREY A. WINTERS

PART II. NATIONAL RESPONSES

101

(123)

5. Free Market Fancies: Hong Kong, Singapore, and the Asian Financial Crisis

101

(15)

LINDA Y. C. LIM

6. The State, Democracy, and the Reform of the Corporate Sector in Korea

116

(27)

MEREDITH WOO-CUMINGS

7. Political Institutions and the Economic Crisis in Thailand and Indonesia

143

(20)

ANDREW MACINTYRE

8. Neither Dynamo nor Domino: Reforms and Crises in the Philippine Political Economy

163

(21)

PAUL HUTCHCROFT

9. Surviving the East Asian Financial Storm: The Political Foundation of Taiwan's Economic Resilience

184

(19)

YUN-HAN CHU

10. China: Domestic Restructuring and a New Role in Asia

203

(21)

BARRY NAUGHTON

Conclusion

224

(15)

T. J. PEMPEL

Notes

239

(14)

References

253

(16)

Index

269

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The Politics of the Asian Economic Crisis

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Table of Contents

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