Bringing Politics Back In: Rethinking the Asian Financial Crisis and Its Aftermath
نویسنده
چکیده
We now have a fairly good understanding of the economic causes of the 1977 Asian financial crisis. There is as yet, however, little understanding of the politics behind the crisis. Not only did various political systems in Asia play a significant role in fomenting the crisis, they have also demonstrated remarkable capacities in dealing with its aftermath. Nowhere is this more evident than in the far-reaching economic reforms implemented by the Kim Dae-Jung administration in South Korea. The key to Korea’s success in weathering the crisis lay in the decisive leadership of Kim Dae-Jung and in the “developmental state” structures and institutions he inherited—both of which exemplify the autonomy of a putatively democratic state from societal, especially elite, pressures. Behind the complex economic causes responsible for the Asian financial of crisis 1997–9 8 and the subsequent measure of recovery lie broader political factors. First, why did the so-called Asian model of development, which generated such high economic growth and equity for several decades, succumb to the crisis so quickly? It is generally agreed that the distinctive Asian model and the so-called developmental states it spawned were built around close business-government relation278 Critical Review Vol. 15, Nos. 1–2
منابع مشابه
Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Malaysia-
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تاریخ انتشار 2003