Logo

Synopsis The dominant feature of the world economy in new century is its increasing globalisation and growing fear of its consequences; it also shows marked reversal of attitudes in the third world from the time of Raul Prebisch. In a more independent world economy, any global or regional shock (e.g., the Asian crisis or Russian crisis of 1997-98) is rapidly propagated to other countries. We hear a lot about the creation of a borderless world and the end of nation state. By reducinig cost of communication, technology has helped to globalise production and finance. History may not have ended but geography, if not coming to an end, certainly matters less now. What really went wrong in East Asia, since for years, the market did not foresee any problems. They key domestic factors leading to crisis were the failure to dampen overheating pressures in the region. The banking crises here preceded the attacks on their currencies and currency crises were often preceded by a boom-bust cycle in property prices and in Thailand, as also in Japan, falling land prices played a leading role. Asian crisis may be interpreted in context of long waves of innovation world over. This volume brings together recent research work relating to the following elements. Asset bubbles and NICs’ Model, Miracle, Meltdown and the Contagion, Lessons from Crisis and Collapses, East Asian Growth Before and After the Crisis, Growth Miracle and Policy Responses, Contagion and Public Policy, Asian Mode, Japan and Korea, Issues in Theory and Policy. This series is dedicated to Raul Prebisch who underlined the dynamics of the world economy and interdependence between industrial countries of the North and LDCs of the South.