Twenty Years after the Asian Financial Crisis*

Aug 7th 2017, Prabhat Patnaik
It was the free flow of foreign capital through "financial liberalization" that led to the East Asian Crisis of 1997, from which the "tiger economies" have not yet recovered fully. Even now, the augmented foreign reserves of these third world countries remain woefully inadequate to finance debt to foreigners, as the hegemony of international finance capital builds over their own assets.

* This article was originally published in People's Democracy on August 6, 2017.


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