How Asia Got Rich

How Asia Got Rich

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Within a few short months in 1997, Asian economies that had been considered not only healthy but qmiraculousq suddenly fell off a precipice as investors withdrew massively first from Asian currencies and, in rapid order, from equity markets across the region. On October 27 1997, the turmoil in Asian markets spooked Wall Street in the largest single-day decline in history, a drop of 550 points. It was predicted that the Asian crash could drive the US trade deficit from $191 billion to $300 billion by 1998, creating huge new tensions in relations with some of the largest US trading partners. These wrenching changes, following a generation of success, raise numerous questions about the steps that led to the crisis, its likely outcome and the limits and constraints of qAsian capitalismq. Edith Terry presents a blow-by-blow account of the crisis, beginning with the 1996 collapse of the Bangkok Bank of Commerce. In her overview, she links the fall of the Asian miracle with the theme of globalization, arguing that the crisis demonstrates the urgency of dismantling restraints to trade, investment, and financial services, and that the United States should take leadership in pushing for new and sweeping reform through the World Trade Organization and in bilateral negotiations with its trading partners. The final section of the book deals with the rise of the qAsian miracleq - how the myth was created, who created it, why it succeeded for so long - and is informed by analysis of the Japanese prototype.A year later, Toyota introduced its first Asian car, a 1.5 liter, four-door sedan called the Soluna, based on the Tercel. ... Both carmakers were able to get prices down because of their extensive use of locally made componentsa€”which ... Taiwan and Indonesia produced the chassis, trim parts, and stampings for the vehicle, while Mitsubishia#39;s Philippine transmission factory supplied transmissions. ... In October 1994, MITI sponsored the first of several summit 198 HOW ASIA GOT RICH.

Title:How Asia Got Rich
Author:Edith Terry
Publisher:Routledge - 2015-05-20


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