Vengeance in ’97
Piangtawan Piang Phanprasit separates the wheat from the chaff concerning the 1997 IMF Crisis.
…it is tempting to suggest that market-oriented policies as opposed to the East Asia development paradigm have been more successful in that the economies pursuing the former were not relatively affected. Nonetheless, the paradigm was rather market-enhancing and at least accounted for unprecedented growth in the economies concerned. The financial collapse was the consequence of financial liberalisation which the troubled economies’ institutions had not yet fully developed to cope with but in other areas of development the paradigm has proven rather successful.
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Filed under: Business/Economy, Korea, Social Science, Southeast Asia Tagged: development, economic liberalization, imf crisis, rok, South Korea