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Economic Crisis in East Asia: The Clash of Capitalisms

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  • Johnson, Chalmers
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    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.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 22 (1998)
    Issue (Month): 6 (November)
    Pages: 653-61

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    Handle: RePEc:oup:cambje:v:22:y:1998:i:6:p:653-61

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    Cited by:
    1. Gary R. Saxonhouse & Robert M Stern, 2002. "Japan's Lost Decade: Origins, Consequences, and Prospects For Recovery," Working Papers 484, Research Seminar in International Economics, University of Michigan.
    2. Chang Woon Nam, 2008. "What Happened to Korea Ten Years Ago?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 69-73, December.
    3. Mah, Jai S., 2006. "Economic restructuring in post-crisis Korea," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 682-690, August.
    4. Kearney, Colm, 1999. "The Asian Financial Crisis," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 1999(1-Februar), pages 29-55.
    5. Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics.
    6. Nahid Aslanbeigui & Gale Summerfield, 2000. "The Asian Crisis, Gender, and the International Financial Architecture," Feminist Economics, Taylor & Francis Journals, vol. 6(3), pages 81-103.

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