Guest Commentary: Globalisation and Emerging Nations - Conceptualisation of the Asian Crisis

Christopher T. Selvarajah

Abstract


This article discusses the impact of 'the Asian Crisis' as explained within a globalising environment. Within this context, consequently, the Asian Cisis itself has been identified as part of the on-going globalisation process. This anicle begins by tracing the emergence of many East Asian nations in terms of their rapid economic growth and development, contrasts East Asian versus Western models of economic development, describes the evolution of Asian versus colonial economic institutions, and traces the rise ofthe Asian Tigers, Japan, ASEAN-4 and the People's Republic of China. It culminates with the events that ensued during the Asian Cisis of mid-1997 to 1998. Five "wild cards" or key factors, advocated to contibute to a resolution of this regional crisis are then discussed, The author concludes with a call to the international community to tackle the free flow of speculative investments, to determine the type and amount of acceptable foreign direct investment, and to determine the form of selective intervention that best suits an individual country development, to avoid economic instability and impoverishment.


ABSTSAK
Rencana ini membincangknn impak 'Krisis Asia'dalam konteks persekitaran globalisasi. Dalam hal ini, akibatnya, Krisis Asia ini boleh dikenal pasti sebagai sebahagian daripada proses globalisasi itu sendiri. Rencana ini
bermula dengan menyingl<np kcmunculan banyak negara Asia Timur dai segi perkembangan ekonomi dan pembangunannya yang pesat, membandingkan
model pembangunan ekonomi Asia Timur dengan model Barat, serta numbandingkan juga evolusi institusi-institusi ekonomi Asia dengan institusi institusi ekonomi kolonial. Kemudian, rencana ini meninjau kebangkitan " Haimau-Harimau Asia", Jepun, esneN4 dm Republik RalEat Cina, Rencana ini memuncak dengan peristiwa-peistiwa sekitar Kisis Asia dari pertengahan 1997 hingga 1998. Lima faktor utama yang disarankan menyumbang kepada penyelesaian krisis rantau ini, kemudiannya dibincangkan, Pengarang mcrumuskan rencana ini dengan menyeru kepada masyarakat antarabangsa untuk menangani aliran bebas pelaburan spekulatif dan menentukan jenis dan
amlrwt pelaburan terus asing yang boleh diterima, sambil menentukan jenis campur tangan terpilih yang terbaik untuk pembangunan negara tertentu" demi mengelakkan berlakunya ketidakstabilan ekonomi dan kemiskinan.


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