The Politics of the Asian Economic CrisisT. J. Pempel Cornell University Press, 1999 - 284 Seiten In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"--with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997-98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future. |
Inhalt
| 1 | |
| 15 | |
| 25 | |
| 45 | |
| 62 | |
| 83 | |
Hong Kong Singapore and the Asian | 101 |
Financial Crisis | 108 |
Reforms and Crises in the Philippine | 163 |
The Political Foundation | 184 |
Domestic Restructuring and a New Role in Asia | 203 |
Conclusion | 224 |
Notes | 239 |
References | 253 |
Index | 269 |
116 | 271 |
The State Democracy and the Reform of the Corporate Sector in Korea | 123 |
Political Institutions and the Economic Crisis in Thailand and Indonesia | 143 |
Andere Ausgaben - Alle anzeigen
Häufige Begriffe und Wortgruppen
ASEAN Asia's Asian crisis Asian economies AWSJ banking sector began billion capital flows capital markets central bank chaebol China Chinese competition corporate countries country's crises crony crony capitalism currency debt decision democratization devaluation domestic East Asian economic crisis economic reforms elite enterprises exchange rate export FEER finance companies financial crisis financial institutions financial sector firms foreign exchange funds global growth Hong Kong important increased Indonesia industrial interest rates investment investor confidence Japan Japanese Kim Dae Jung labor leaders leadership liberalization loans macroeconomic major Malaysia manufacturing ment Minister monetary nomic officials party percent of GDP Philippines political economy president pressures problems production Ramos regime regional restructuring rupiah September 1998 short-term Singapore social SOEs South Korea Southeast Asia stock market structure Suharto Taiwan Thailand tion trade U.S. dollar Zhu Rongji
Beliebte Passagen
Seite 131 - Unhappy events abroad have retaught us two simple truths about the liberty of a democratic people. The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself.
Seite 256 - Industrial Change and Developmental State in Two East Asian NICs: A Case Study of the Automotive Industries in South Korea and Taiwan', Proceedings of the National Science Council Part C: Humanities and Social Sciences, 3 (2), July, 203-23.
Seite 93 - Mahathir's statements, combined with other signs that his government would not produce any serious policy responses to the spreading crisis, caused the pressure on Malaysia to increase. In Thailand, the crisis provoked infighting among coalition partners in the government, leading to the resignation of the prime minister and the formation of a new government. The...
Seite 23 - The abstraction of the state as such belongs only to modern times, because the abstraction of private life belongs only to modern times. The abstraction of the political state is a modern product
Seite 33 - Robinson has now brought to light. Robinson argues that the Philippines was a key test case for the Reagan administration, after the murder of Benigno Aquino in 1983; a secret NSC directive approved in November 1984 called for American intervention in Philippine politics — "we are urging revitalization of democratic institutions, dismantling 'crony' monopoly capitalism and allowing the economy to respond to free market forces.
Seite 116 - It disintegrated as the result of an entirely different set of causes: the measures which society adopted in order not to be, in its turn, annihilated by the action of the self-regulating market. Apart from exceptional circumstances such as existed in North America in the age of the open frontier, the conflict between the market and the elementary requirements of an organized social life provided the century with its dynamics and produced the typical strains and stresses which ultimately destroyed...
Seite 93 - ... funds to speculate in the capital markets. According to one estimate, Asian (excluding Japanese) companies had borrowed at least $700 billion from the rest of the world just since 1992. Japanese banks lent Asians $263 billion, European banks lent them $155 billion, and American banks lent Asian firms $55 billion. Conservative estimates were that by the middle of 1997 Indonesia, Malaysia, Thailand, Singapore, and the Philippines had accumulated bad bank loans that totaled $73 billion, or 13 percent...
Seite 21 - Hence, the state, which was at first branded the sole disturber of these "harmonies économiques," is now these harmonies' last refuge. On the one side, Carey here again articulates the specific national development of the United States, their antithesis to and competition with England. . . . with Carey the harmony of the bourgeois relations of production ends with the most complete disharmony of these relations on the grandest terrain where they appear, the world market, and in their grandest development,...