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| Home > Back Issues > Volume 3, Number 4 Winter 2008 |
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Volume 3, Number 4 Winter 2008
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That Sinking Feeling:
Asia Hangs On as the Crisis Deepens
Only a decade ago Asia Staggered out of the 1997-1998 financial crisis. Now a much deeper crisis is gripping the world, and while Asia has not escaped its impact, the region is stronger and better prepared to withstand it. More important, the current economic turmoil will call for a new financial order |
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A Letter from the Editors
Chung-in Moon and David Plott
Dear Reader,
THE DISPROPORTIONATE INFLUENCE of the US on the world economy has for years been captured in a well-known saying:.. |
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Cover Story
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That Sinking Feeling:
Asia Hangs on as the Crisis Deepens
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The Gathering Financial Storm:
Conflict, Cooperation or Catastrophe?
By Rustom J. Modi
The end result of a crisis unlike anything since the 1930s could be catastrophic in terms of social unrest, environmental degradation and international trade. |
The Search for a New Financial Order
By Donald Greenlees
The so-called Washington Consensus that governed the global financial system since the end of World War II is all but dead. But building a new financial order won’t be easy. |
Domestic Demand and Continued Reform:
China’s Search for a New Model
By Wang Yong
The current crisis presents China with the chance to forge a new development model. The choices it makes could influence the global economy. |
Japan’s Economic Woes: It’s About Politics
By Yuko Kawamoto
For Japan to realize its economic potential, it must finally grapple with political reform. If this crisis does anything, it shows how politics continues to hobble the economy. |
South Korea: Wary of Another Financial Crisis
By Choong Yong Ahn
South Korea was ardent in reforming its economy after the 1997 Asia financial crisis. So, why are the markets treating it so harshly this time around? |
India’s Politics of Crisis and Change Manila and Bangkok
By N.K. Singh
The impact of the financial crisis on India has only heightened the importance of pursuing political and economic reforms more aggressively than ever. |
Challenging Times for Southeast Asian Economies
By Manu Bhaskaran
Southeast Asia’s tight links to the global economy make it especially vulnerable to the financial crisis. But the region will bounce back quickly, and emerge stronger. |
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The Debate
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Has the Crisis Undermined the Washington Consensus?
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Demise of the Anglo-American Model of Capitalism
By Wonhyuk Lim
The intellectual and philosophical premises of the Anglo-American model of capitalism were never as solid as its advocates claimed. |
A Failure of Governance, Not Markets
By Philip Bowring
There is a great risk the wrong lessons will be learned from the financial crisis, as critics of free markets trip over each other to blame markets, not failed governance, for what has happened. |
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Feature Essays
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The Making of the US-India Nuclear Accord
By Shalendra D. Sharma
The nuclear agreement between the US and India has set off a global debate about the implications for the world’s decades-old effort to control nuclear proliferation. |
The ‘Unbungling’ of Asia
By T.J. Pempel
President George W. Bush’s administration bungled Asia. It will fall to Barack Obama’s team to rectify things. |
Education Pressure Cooker:
Social Darwinism and Status Ranking in Asia
By David Y.F. Ho
Ranking in Asia Social Darwinism finds ready acceptance in Confucian-heritage cultures, where social ranking is ubiquitous. But is this the right approach when it comes to education? |
China’s Road to Destruction:
Following the West on Global Warming
By Paul G. Harris
Increasingly, Asia and the wider world are suffering collateral environmental damage from China’s rapid economic growth. Can China afford to follow the West’s development model? |
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Book Review
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Two Countries, One System:
Fiction in Malaysia and Singapore
Reviewed by Salil Tripathi
They are so close, yet so far apart. Malaysia and Singapore have each produced writers who struggle in different ways to grapple with history, identity and local culture. |
Dowager’s Struggle
Reviewed By Dewi Anggraeni
Anchee Min’s latest novel, The Last Empress, is a moving attempt to reclaim the humanity of a dowager to whom history has been harsh and unforgiving. |
