4 Neo-liberalism on the defensive but not defeated?
A comparative review of the Asian crisis and lessons for the future
Chris Edwards

The crisis in East Asia — an introduction

Table 4.1 shows both the miracle of East and Southeast Asia and the extent of the crisis in 1998. 1 In 1998 the average fall in GDP for the four worst-affected countries (Indonesia, South Korea, Malaysia and Thailand) was 9 per cent. In terms of a deviation from the average for 1985–96, the loss averaged 17 per cent, equivalent, for these four countries, to more than 140 billion US dollars. In 1998, the population of these four countries was about 330 million so that the average per capita loss was over $400. This would be bad enough if the burden of ...

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