Miracle to Meltdown in Asia: Business, Government and Society

Hardcover | October 14, 1999

byNorman Flynn

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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 growththere 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 inthe 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it shows that the period of the 'developmental state' in Japanand Korea has come to an end, but that it has not yet been replaced by a liberal market.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.

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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 growththere were strong connections between governme...

Norman Flynn is currently Research Fellow at the London School of Economics. He was formerly Professor of Public Management at the City University of Hong Kong. He has consulting experience in China, Hong Kong, Sweden, Denmark, Norway, Bosnia, Bolivia, and Slovenia.

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Format:HardcoverPublished:October 14, 1999Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198295529

ISBN - 13:9780198295525

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Table of Contents

Introduction1. Lessons from the Asian CrisisWhat sort of 'miracles'?How did the 'meltdown' happen?Why did it happen?ResponsesLessons2. Expressive Relationships and Networkswith Chan Ho-mun: Challenged assumptionsExpressive and instrumental tiesMixed ties and networksImplications3. The Economy and the StateIntervention and the marketThe 'developmental state''Good governance'The development of the debateNetworks and economic developmentThe end of rule by connections?4. The Final Victory of Globalization?HomogenizationThe supranational institutionsThe global marketGlobalization as power struggleWhat is left for the state?Global governance for a global economy?5. Democracy, the Economy, and the CrisisDemocracy and the crisisDemocracy and the economyAsian democracy?6. The Family, the Company, and the StateRights and obligationsPolitics and cultureexplanations of 'Asian' ways of welfareThe crisisvulnerability of the self-reliant society in market downturns7. Managing the Network StateDifferences among statesTrends before the crisisThe crisis and public managementConvergencethe end of rule by connections?ConclusionsEconomyPoliticsLabour and welfareManaging the stateAfter rule by force and rule by connections?StabilityGlobal market rules?