Miracle to Meltdown in Asia

The crisis in Asia has caused economic hardship and brought an end to the 'economic miracle' of fast economic growth in the region. This book asks whether the 1997/8 crisis marks a break with the past and signals an end to 'Asian' ways of running economies. During the period of rapid growth there were strong connections between governments and business in the region. 'Cronyism', or close connections between family, business, and government, was exposed when thestock markets and currencies dived. Pressure from overseas investors and international organizations has produced reforms in the region. The book examines the social, economic, andpolitical modes of governance in the region. It finds that there is a shifting balance between rule by the market, rule by connections, and rule by force. In the sphere of economic management, it shows that the period of the 'developmental state' in Japan and Korea has come to an end, but that it has not yet been replaced by a liberal market. Elsewhere the close connections between governments and business have been weakened but not yet broken. There are still special 'Asian' characteristics ineconomic management and in politics. The forces of 'Globalization' are strong, but they are confronted with political and economic cultures that are not rooted in liberal market ethics.

Norman Flynn is currently Research Fellow at the London School of Economics. He was formerly Professor of Public Management at the City University of Hong Kong. He has consulting experience in China, Hong Kong, Sweden, Denmark, Norway, Bosnia, Bolivia, and Slovenia.

The crisis in Asia has caused economic hardship and brought an end to the 'economic miracle' of fast economic growth in the region. This book asks whether the 1997/8 crisis marks a break with the past and signals an end to 'Asian' ways of running economies. During the period of rapid growth there were strong connections between governments and business in the region. 'Cronyism', or close connections between family, business, and government, was exposed when the stock markets and currencies dived. Pressure from overseas investors and international organizations has produced reforms in the region. The book examines the social, economic, and political modes of governance in the region. It finds that there is a shifting balance between rule by the market, rule by connections, and rule by force. In the sphere of economic management, it shows that the period of the 'developmental state' in Japan and Korea has come to an end, but that it has not yet been replaced by a liberal market. Elsewhere the close connections between governments and business have been weakened but not yet broken. There are still special 'Asian' characteristics in economic management and in politics. The forces of 'Globalization' are strong, but they are confronted with political and economic cultures that are not rooted in liberal market ethics.

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