IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-0-230-51862-9_5.html
   My bibliography  Save this book chapter

From ‘Miracle’ to ‘Cronyism’: Explaining the Great Asian Slump

In: Financial Liberalization and the Asian Crisis

Author

Listed:
  • Robert Wade

Abstract

Explanations are about the only thing not in short supply in the Asian crisis. For all their diversity they can be collapsed into two ‘meta’ interpretations reflecting deeper differences in beliefs about rationality and markets. Those whose world view emphasizes rationality, self-adjusting markets, and market failure as exceptional except when governments introduce distortions, tend to see the crisis as the result of rational calculations in a situation of market-distorting government interventions and institutional weaknesses in Asian economies. Those whose world view stresses non-rationality (or a different kind of rationality than that assumed by neoclassical theory), routine failure of well-working markets, and the need for government interventions to modify market outcomes, tend to see it as the result of non-rational calculations in under-regulated financial markets, both national and international.

Suggested Citation

  • Robert Wade, 2001. "From ‘Miracle’ to ‘Cronyism’: Explaining the Great Asian Slump," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 5, pages 63-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51862-9_5
    DOI: 10.1057/9780230518629_5
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-0-230-51862-9_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.