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  • December 2008
    Vol.3 No.4
    That Sinking Feeling:
    Asia Hangs On as the Crisis Deepens
    Letter to Readers
  • Cover Story
    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.

    • Rustom J. Modi
      The Gathering Financial Crisis: Conflict, Cooperation or Catastrophe?

      Indian financial services and technology expert Rustom J. Modi warns that the tensions unleashed by the global financial crisis, if not managed properly, could spill over into a host of geopolitical arenas.

    • Donald Greenlees
      The Search for a New Financial Order

      In the wake of the 1997 Asian financial crisis, there were loud calls for a new global financial architecture, but nothing concrete emerged. With the current crisis, however, a new opportunity presents itself to reshape the world's financial system, and A

    • Wang Yong
      Domestic Demand and Continued Reform: China’s Search for a New Model

      All eyes in Asia are watching how China handles the financial crisis, given its importance to the region. Chinese political economist Wang Yong argues that the country will emerge from the crisis with a new development model that will be good for China an

    • Yuko Kawamoto
      Japan’s Economic Woes: It’s About Politics

      The Japanese economy continues to suffer from vast unrealized potential. But the crux of the problem doesn't lie within the economy itself, but rather in Japan's failure to tackle the political reforms necessary to unleash the economy. This is the lesson

    • Choong Yong Ahn
      South Korea: Wary of Another Financial Crisis

      South Korea was among the most ardent in reforming its economy after the 1997-1998 Asian crisis. So why, Koreans are rightly asking, is Korea being treated so harshly now?

    • N.K. Singh
      India’s Politics of Crisis and Change

      The impact of the global economic slowdown and credit crunch is hitting large swaths of the Indian economy. But the challenge to policymakers goes beyond containing the economic fallout of the crisis, writes Indian Member of Parliament N.K. Singh. The gov

    • Manu Bhaskaran
      Challenging Times for Southeast Asian Economies

      Southeast Asia will be hurt badly by the financial crisis, precisely because its economies are so deeply tied to the global economy. But if the right policy adjustments are made, this part of Asia could well come out a winner in the post-crisis world, wri

  • The Debate
    Has the Crisis Undermined the Washington Consensus?
    • Wonhyuk Lim
      Demise of the Anglo-American Model of Capitalism

      The current global financial crisis, combined with the resurgence of progressive politics, is likely to hasten the demise of the Washington Consensus and usher in a new era of expanded role for the government and strengthened financial supervision on a gl

    • Philip Bowring
      A Failure of Governance, Not Markets

      There is now a serious danger that the wrong lessons will be learned from the financial crisis and that protectionism or retreat from sound principles of free trade could result. What we are seeing here is an economic cycle that has been taken to very dan

  • Features
    • Shalendra D. Sharma
      The Making of the US–India Nuclear Accord

      No facet of the warming relations between Washington and New Delhi has set off as many alarm bells as the nuclear agreement between the US and India. Proponents and critics agree it is a watershed accord. Political scientist Shalendra D. Sharma unravels t

    • T.J. Pempel
      The 'Unbungling' of Asia

      The foreign policies of President George W. Bush have left a trail of dismay across the world, resulting in a cascading collapse of America's reputation, including throughout East Asia. President-elect Barack Obama will have his work cut out for him as he

    • David Y.F. Ho
      Education Pressure Cooker: Social Darwinism and Status Ranking in Asia

      Asia's educational systems are prey to two forces that are hindering their ability to develop the right values in the region's youth — social Darwinism and an obsession with status ranking, writes Hong Kong psychologist David Y.F. Ho. It's time to look at

    • Paul G. Harris
      China's Road to Destruction: Following the West on Global Warming

      As China's economy continues to grow apace, the environmental costs to the region and the world are becoming increasingly apparent, writes Hong Kong academic Paul G. Harris. The great challenge, and opportunity, China faces is to chart a development path

  • Book Reviews
    • Salil Tripathi
      Two Countries, One System: Fiction in Malaysia and Singapore

      Two Countries, One System: Fiction in Malaysia and Singapore. Salil Tripathi believes the recent spate of successes Malaysian novelists have enjoyed internationally can at least partly be ascribed to the differing political systems.

    • Dewi Anggraeni
      Dowager's Struggle

      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.

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