With a view towards East Asia as one of the most dynamic regions in the world, the World Bank has published a thematic report series every four years that addresses the region’s unique experiences with development and explores the problems and challenges of particular periods. A report from the 1993 series, entitled The East Asian Miracle: Economic Growth and Public Policy, introduced the most outstanding East Asian economies to the world for the first time. Those economies included Hong Kong, Indonesia, Japan, South Korea, Malaysia, Singapore, Taiwan, and Thailand. While the World Bank report highly valued the economic performance of these East Asian economies, some scholars took issue with such praise. Based on a host of empirical studies, Paul Krugman, the famous economist and columnist, published an essay in the journal Foreign Affairs entitled “The Myth of Asia’s Miracle,” questioning the existence of such a miracle as well as the sustainability of economic growth in those East Asian economies. The outbreak of the East Asian financial crisis in 1997, which seriously derailed most of the East Asian miracle’s performers and exposed their systemic flaws, seemed to prove Krugman’s criticisms true. Of those economies, Indonesia, South Korea, Malaysia, and Thailand suffered the most. Time ultimately seems to have favored the World Bank’s judgment after all, however. After 1998, many of the economies in East Asia once again demonstrated strong economic growth.