Beyond the Asian Crisis

Beyond the Asian Crisis

Pathways to Sustainable Growth

Edited by Anis Chowdhury and Iyanatul Islam

As Southeast and Northeast Asia recover from the Asian crisis and return to a state of growth, the authors of this book assess the lessons to be learned from the crisis to achieve sustainable development in the future. While the importance of each factor contributing to the crisis varies from country to country, their collective experience has created unprecedented turmoil in current thinking on development policy.

Chapter 1: Introduction

Anis Chowdhury and Iyanatul Islam

Subjects: asian studies, asian innovation and technology, innovation and technology, asian innovation


: responding to the challenges of the post-crisis era Anis Chowdhury and Iyanatul Islam The financial and economic crisis that hit the Southeast and East Asian economies in the late 1990s has generated a voluminous literature just as their successes did. Pundits, including those who were upbeat in their assessment of the continued virtuous circle of growth in these economies, have been quick in condemning the very model of development that was claimed to lie at the heart of their successes. This shows that a prevailing paradigm is in disarray, and both the successes and failures of Asian economies remain an insufficiently understood phenomenon. The rapid transformation of a small band of Southeast and East Asian economies has been termed one of the greatest revolutions in the history of economic thought. It was seen as ushering in the dawn of a new ‘Asian Century’. Sadly, with the sudden and unexpected crisis that has wreaked havoc on the lives of millions of people in the region, ‘Asia approaches the new century in an introspective and apprehensive mood’ (Tadashi and Chia, 1999: 7). As Asia examines the causes of a sudden fall, and searches for a way forward, there is unprecedented turmoil in current thinking on development policy. As the dust settles after the turbulence of 1997 and as growth returns to Southeast and Northeast Asia, this collection of contributions by both Asian and international scholars adopts a reflective approach. They attempt to bring together the current thoughts on the crisis...