This article examines the reasons behind the overoptimism of a large segment of the economics profession concerning the performance of East Asian economies, which was shattered by the financial crises of 1997-98. It also shows how the crisis placed into bold relief many institutional characteristics of these economies which negate many past attempts to characterize them as open and market-driven.
ASJC Scopus subject areas
- Geography, Planning and Development
- Sociology and Political Science
- Economics and Econometrics