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A New Strategy for the Global Crisis

C. Fred Bergsten

No PB98-7, Policy Briefs from Peterson Institute for International Economics

Abstract: The "Asian economic crisis" is much deeper, much more pervasive and likely to last much longer than anyone imagined. Economies that had grown 6-8 percent annually for two decades are declining by like or greater amounts, a swing of depression-era magnitude with incalculable political and social consequences. The contagion has already spread far beyond Asia, engulfing Russia and much of Latin America, and could do so even more violently in the days ahead. We now face a truly global crisis, which has already hit the United States hard and will do so with increasing force.

Date: 1998-09
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