Industrial transformation of Asia arguably constitutes the most surprising and dramatic change in the global economy in the last fifty years. This paper provides an outline of some of the most important trends of this development and analyses selected national industrial policies that promoted...

The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It...

The paper critically examines the explanations of the Asian crisis which emphasize the role of national policies and institutions that allegedly created moral hazard by overprotecting the investors - industrial policy, crony capitalism, and government guarantees accorded to banks and industrial...