The Asian model: a crisis foretold

Ajit Singh and Bruce Weisse

MPRA Paper from University Library of Munich, Germany

Abstract: Abstract The East Asian countries achieved extraordinarily fast economic growth during the last four decades. Indeed, it would be no exaggeration to say that they represented the most successful case of rapid industrialisation and sustained economic growth in the history of mankind. This paper argues that the influential thesis of the US government and the IMF are the fundamental causes of the Asian financial crisis lie in the dirigiste model of guided capitalism followed by these countries is seriously mistaken. The crisis has arisen in large measure by precipitate financial liberalisation which involved the abandonment of the essential tenets of the model.

Keywords: East Asian economy; rapid industrialisation; economic growth; Asian crisis; IMF; USA (search for similar items in EconPapers)
JEL-codes: F6 N2 O1 O40 (search for similar items in EconPapers)
Date: 1998-09-17
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in International Social Science Journal 160.51(1999): pp. 203-215

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Related works:
Working Paper: The Asian Model: A Crisis Foretold? (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:54002

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