The End of Asia’s Economic Crisis

The much publicized Asian economic “crisis,” which began with the collapse of the Thai baht in July 1997, is over! Instead of a situation that was initially and properly characterized as a “crisis”—to which some observers implausibly ascribed responsibility for triggering crises in Russia and Brazil as well—Asia currently displays a wide range of economic performance, problems, and prospects. Asia’s collective economic circumstances no longer constitute a “crisis.”