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Capitalist Restructuring and the Pacific Rim by Ravi Palat

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Introduction

Dragons, tigers, and other myths of our time

 

Nothing illustrates the pervasiveness of a de-historicized economic rationality more than the debate over the causes of, and solutions to, the precipitous drop in East and Southeast Asian currency values in 1997 and the ensuing meltdown of some of the fastest growing economies in history. Led by Japan, economies along Asia's Pacific coasts had posted such spectacular growth rates that even the World Bank had been compelled to acknowledge the significance of macroeconomic planning and the centrality of industrial policy in the economic success of the ‘East Asian model of growth’ (World Bank, 1993: 5–6, 8–10, 83–4).1 Just as the rapid growth of economies on Asia's Pacific perimeters had ...

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