The Asian Economic Crisis
The economic crisis that began around the middle of 1997 ranks as one of the most significant events to hit Asia this century since the second World War. Three decades of remarkable growth was brought to an end, and in its place came renewed debate on problems within the social, political, and economical structure of Asian nations.
Asia's rise in global influence since the beginning of the 20th century is seen through the the worldwide repercussions of its crisis on non-Asian economies. No longer would problems be limited to one region of the world. The crisis stimulated thinking among Westerners about the very real possibility that they too could have a similar crisis in their hands.
The crisis is also important to study because how Asian countries recover
from it could signify their path to power in the 21st century. The debate
over various philosophies in managing the economy and social structure
has spurred another comparision between the Asian perception of capitalism
and the more free-market Western perception that comes along with international
openness and political democratization. Some argue that openness actually
made the crisis in Asia worse, while others argue the opposite. Just who
is more correct may be seen in how Asia recovers and restructures itself
into the new millenium.
