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Capitalist Restructuring and the Pacific Rim by Ravi Palat

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Epilogue

A future imperfect: Remaking a regional economy

 

It is better to be vaguely right than precisely wrong.

Wildon Carr1

Obituaries to the ‘Asian economic miracle’ published in the wake of the financial crisis, and self-congratulatory proclamations of the ‘triumph of Western capitalism,’ obscure a fundamental restructuring of economic and political relationships in East and Southeast Asia since 1997–98. Most notably, widespread perceptions that the IMF had acted as a ‘creditor cartel, not an institution sensitive to its members' needs’ (Dieter and Higgot, 2000) reversed long-standing apprehensions regarding closer regional economic integration among governing elites.

Abiding animosities against the Japanese for their colonial occupation ...

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