1997 Asian Financial Crisis

[Lyev]

I know that this can be used as an example against corporate globalization and capitalism (including free-markets). Also that capitalists used the thriving 'Tiger Economies' of Thailand, Taiwan, Singapore, Malaysia and North Korea as cases for globalization before 1997. There's also a connection with Reagan and Thatcher, in the 80s, initiating free-market economies in their respective countries.

I know fairly well what happened; basically the Asian countries thrived and then they got poor. However I'd like to know the in and outs of how and why this happened.

Correct me if I've got any info wrong and thanks in advance for replies.

[ComradeOm]

David Harvey's The New Imperialism places this crisis within a good analysis of modern capitalist flows. Stiglitz's Globalization and Its Discontents, while not written from a Marxist of socialist standpoint, is a very good liberal critique of the IMF and its policies, with particular focus on East Asia

[Magdalen]

A good article to look at would be David Yaffe's Countdown to Capitalism's Collapse (http://www.revolutionarycommunist.org/frfipages/140/FRFI_140_ccc.htm), which was written at the time of the Asian Financial Crisis.