The economic typhoons that swept though Asia in 1997 capsized regional economies, sent the misery index skyrocketing, wiped out colossal amounts of wealth, swept away an aging dictator and exposed the vulnerabilities of the global financial structure. This excellent book is essential reading for anyone wishing both to understand the complex forces that generated this financial implosion and to grasp the regional consequences.
As a reporter for Agence France Presse stationed in Hong Kong in 1997-98, Philippe Ries had ringside seats for the unfolding dramas and excellent access to those involved. His analysis and writing are clear and persuasive, providing a good weekend's read about the follies of markets and those who would conspire with and against them.
This is not a conventional whodunit because there are so many plausible suspects with plausible alibis. To his credit, Ries eschews the straightforward, easy-to-swallow explanation, surveying a range of factors capable of hatching such a grim scenario. He argues that "the Asian financial turmoil had its origins in the violent meeting of opposing masses -- rigid monetary arrangements vs. the chronic instability of the yen against the dollar; the power of international capital flows vs. fragile local banking systems; and the complexities of the market economy vs. the weakness of institutional mechanisms."
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