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The Asian model: a crisis foretold

Listed author(s):
  • Singh, Ajit
  • Weisse, Bruce
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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.

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File URL: https://mpra.ub.uni-muenchen.de/54002/1/MPRA_paper_54002.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54002.

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Date of creation: 17 Sep 1998
Publication status: Published in International Social Science Journal 160.51(1999): pp. 203-215
Handle: RePEc:pra:mprapa:54002
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  1. Masahiko Aoki, 2013. "Toward an Economic Model of the Japanese Firm," Chapters,in: Comparative Institutional Analysis, chapter 18, pages 315-341 Edward Elgar Publishing.
  2. Singh, Ajit, 1994. "Openness and the market friendly approach to development: Learning the right lessons from development experience," World Development, Elsevier, vol. 22(12), pages 1811-1823, December.
  3. Singh, A., 1997. "Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?," Accounting and Finance Discussion Papers 97-af35, Faculty of Economics, University of Cambridge.
  4. Singh, Ajit, 1998. "Asian capitalism and the financial crisis," MPRA Paper 54932, University Library of Munich, Germany.
  5. Amsden, Alice H. & Singh, Ajit, 1994. "The optimal degree of competition and dynamic efficiency in Japan and Korea," European Economic Review, Elsevier, vol. 38(3-4), pages 941-951, April.
  6. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
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