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Paper #004876 :: The World Bank?s Report on ?The East Asian Miracle?
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This paper summarizes the various views taken by the World Bank on Asian economic development before the crisis, and how the effects of the Asian crisis threw the Bank's judgement.into doubt.

Written in 2001; 1,995 words; 4 sources; APA; $ 63.95

Paper Summary:

This paper examines reasons for the East Asian economic crisis during 1997 and 1998. The World Bank report of 1993 praises many of the practices that ultimately led to the crisis. Currencies, stock markets, 'crony capitalism' and financiers are examined. The paper argues that both economic and cultural reasons are ultimately to blame for the economic crisis.

From the Paper:

"In recent decades international financial institutions, most notably the World Bank, have held up East Asia as a capitalist miracle, a role model for the rest of the world to follow. The Newly Industrialising Countries (NIC's) took off during the 1970's and included countries from around the world. But is was almost exclusively the NIC's of Asia who maintained their high growth rates through the 1980's and 1990's. While the South American NIC's were left behind in the debt crisis of the early 1980's, the Asian 'Tigers' continued to surge ahead. South Korea, for example, maintained a manufacturing growth rate of nearly 9% a year during the 1980's, while exports grew by 10% a year (Hadjor: 1992). Taiwan, Hong Kong and Singapore also enjoyed such success, and they were soon joined by other Asian countries such as Malaysia and Thailand. By 1987 the combined manufacturing exports of South Korea, Taiwan, Hong Kong and Singapore totalled about half of all third world exports compared with 6% for Mexico and Brazil combined (ibid). The World Bank firmly believed that the experience of the Asian tigers constituted a viable model for other Third World countries. In 1993, the Bank published its seminal work 'The East Asian Miracle' as a guide to how the Tigers had been so successful. But disaster hit the East Asian region in 1997/98 when the economies in that part of the world took a massive beating from what became the 'Asian Crisis'. Suddenly the World Bank report and hopes for the region looked decidedly inaccurate. Here we will summarise the various views taken by the World Bank on Asian economic development before the crisis hit, together with how the effects of the Asian Crisis threw into doubt the Banks judgement."

Tags: asian crisis capitalism crisis crony globalisation world bank asia

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