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Copyright © Cambridge Political Economy Society

research-article

From ‘miracle’ to ‘cronyism’: explaining the Great Asian Slump

Robert Wade*

*Brown University

Abstract

Was the Asian Slump caused by the build up of vulnerabilities in the real economy, with panicky investor pullout as merely the trigger or messenger of a necessary market correction? Or was it caused largely by the normal workings of under-regulated national and international financial markets, the panicky pullout itself being a prime cause? The short answer is, some of both. The paper describes the double helix-like interaction of real and financial causes. It then outlines a strategy of escape from crisis, including the reintroduction of capital controls and creation of an Asian Financial Facility.

Manuscript received August 5, 1998;
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