East Asia in Crisis: Beyond Tina, Toward Socialism

  • Paul Burkett
  • Martin Hart-Landsberg
Keywords: Marxism


The 1997–1998 economic collapse of Thailand, Indonesia, Malaysia, and South Korea came as a shock not only to government and business leaders, but also to development economists. Even after the assault on Asian currencies moved into full swing in mid-1997, the Asian Development Bank's chief economist still predicted that "these economies should be growing again at a fair clip in the second half of 1998 and thereafter. However, the end of the year found them all in a tailspin, with all relevant economic and social indicators in sharp decline.