The crisis in Asia has caused economic hardship and brought an end to the 'economic miracle' of fast economic growth in the region. This book asks whether the 1997/8 crisis marks a break with the past and signals an end to 'Asian' ways of running economies. During the period of rapid growth there were strong connections between governments and business in the region. 'Cronyism', or close connections between family, business, and government, was exposed when the
stock markets and currencies dived. Pressure from overseas investors and international organizations has produced reforms in the region. The book examines the social, economic, and political modes of governance in the region. It finds that there is a shifting balance between rule by
the market, rule by connections, and rule by force. In the sphere of economic management, it shows that the period of the 'developmental state' in Japan and Korea has come to an end, but that it has not yet been replaced by a liberal market. Elsewhere the close connections between governments and business have been weakened but not yet broken. There are still special 'Asian' characteristics in economic management and in politics. The forces of 'Globalization' are strong, but they are confronted
with political and economic cultures that are not rooted in liberal market ethics.
1. Lessons from the Asian Crisis
What sort of 'miracles'?
How did the 'meltdown' happen?
Why did it happen?
2. Expressive Relationships and Networkswith Chan Ho-mun:
Expressive and instrumental ties
Mixed ties and networks
3. The Economy and the State
Intervention and the market
The 'developmental state'
The development of the debate
Networks and economic development
The end of rule by connections?
4. The Final Victory of Globalization?
The supranational institutions
The global market
Globalization as power struggle
What is left for the state?
Global governance for a global economy?
5. Democracy, the Economy, and the Crisis
Democracy and the crisis
Democracy and the economy
6. The Family, the Company, and the State
Rights and obligations
Politics and culture
explanations of 'Asian' ways of welfare
vulnerability of the self-reliant society in market downturns
7. Managing the Network State
Differences among states
Trends before the crisis
The crisis and public management
the end of rule by connections?
Labour and welfare
Managing the state
After rule by force and rule by connections?
Global market rules?
Number Of Pages: 180
Published: 1st December 1999
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.1 x 16.0
Weight (kg): 0.41