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PPI | Fact Sheet | January 6, 2021
Putting the East Asian Experience in Perspective
By Jenny Bates


Editor's Note: The full text of this report is available in Adobe PDF format, only. (Requires Adobe Acrobat Reader.)

Conclusion

The Asian crisis should be viewed as a crisis of capital and not as a crisis of capitalism. The countries concerned still need to adopt significant reforms -- particularly in their financial sectors -- before a sustainable economic recovery is possible. On the other hand, the earlier "Asian Miracle" shows that there is no substitute for market-based economic growth and integration into the global economy. Indeed, such integration, combined with further market-oriented domestic reforms, will be a key engine of economic growth for the Asian Tigers in the coming years -- just as it has been over the past three decades.


Download the full text of this report. (PDF)

Jenny Bates is the trade and economics policy analyst for the Progressive Policy Institute.



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