Economic Crisis in East Asia: The Clash of Capitalisms

Chalmers Johnson

Cambridge Journal of Economics, 1998, vol. 22, issue 6, 653-61

Abstract: The Asian economic model does not exist uniformly in East Asia and is, itself, only a model, not the complex economic reality of a huge and diverse area. 'Crony capitalism' is an inadequate explanation for what has happened in East Asia and, in the debate between Anglo-American economic orthodoxy and revisionism, the meltdown has tended to confirm the results of revisionist research. There are three main contenders among explanations for the meltdown--all three of which may prove to be true. These are the liquidity-crunch explanation, the overcapacity explanation, and the end-of-the-cold-war-in-East-Asia explanation. Copyright 1998 by Oxford University Press.

Date: 1998
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