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Recent Articles about International EconomyThe State and the power of Business Mar 08 21 Shock en el Mercado Petrolero. Caos en el Laberinto Apr 30 20 Here Comes Bourgeois Socialism – Again Apr 28 20 The contrast between the IMF/US Treasury's advice during the East Asia crisis and what has happened
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Saturday December 01, 2007 22:35 by Joseph Stiglitz
This year marks the 10th anniversary of the East Asia crisis, which began in Thailand on July 2, 1997, and spread to Indonesia in October and to Korea in December. Eventually, it became a global financial crisis, embroiling Russia and Latin American countries, such as Brazil, and unleashing forces that played out over the ensuing years: Argentina in 2001 may be counted as among its victims. There were many other innocent victims, including countries that had not even engaged in the international capital flows that were at the root of the crisis. Indeed, Laos was among the worst-affected countries. Though every crisis eventually ends, no one knew at the time how broad, deep, and long the ensuing recessions and depressions would be. It was the worst global crisis since the Great Depression. |
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