Looking back at a state of chaos
The collapse of the economies of Southeast Asia, which began with the July 2nd. devaluation of the Thai baht, culminating in the October 24th. shock of the Wall Street represents a phenomena in terms of the speed upon which capital flights has rendered several nations bankrupt, and one which ended the so-called East Asian miracle, euphorically held as defensible by many a “corporatist” and developmentalist state of Southeast Asia. The pervasive dependency and tying-up of the Pacific Rim economies, integrated in an export-led model of development…
