Description Financial Liberalization and the Asian Crisis de Ha-Joon Chang:
The financial crisis that hit a number of "miracle" economies of Asia in 1997 shocked the world. This text rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.
HA-JOON CHANG is Assistant Director of Development Studies, Faculty of Economics and Politics at the University of Cambridge. He has published widely on issues relating to industrial policy, state intervention, and East Asian development experience and is author of The Political Economy of Industrial Policy. - GABRIEL PALMA is Lecturer in the Faculty of Economics and Politics at the University of Cambridge. His recent publications include analyses of the financial crises in Chile (1982), Mexico (1994), Brazil (1998-9) and East Asia (1997), as well as a study of nineteenth-century Chilean economic history. - D.HUGH WHITTAKER is Reader in Japanese and Comparative Economic Sociology and Assistant Director of ESRC Centre for Business Research, University of Cambridge. His books include Managing Innovation: A Study of British and Japanese Factories and Small Firms in the Japanese Economy.