Abstract
What a difference a year makes. As recently as last summer, economic pundits and global investors were singing the praises of the "Asian tigers." The World Bank basked in the glow of its 1993 report, The Asian Miracle. Throughout ruling circles, the "Asian model" was touted as proof that open markets and the free flow of capital would be the salvation of humankind.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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