The Rise and Decline of the Asian Century

Before the spectacular economic catastrophes that have recently befallen the newly-emergent economies of Asia - notably those of Korea and Thailand - it was fashionable amongst economists to speak of an impending "Asian century" in which the Asia-Pacific region would supplant America as the centre of gravity for world affairs. Conventional wisdom held that the high growth rates enjoyed by the Asian "tiger" economies would continue relentlessly, even spreading within the region, while Western institutions, by contrast, would decline irreversibly. The author challenges this view and reveals how many of the institutions credited wuth the "miracle" performance of East Asian economies simply cannot withstand close scrutiny. Events of late 1997 prove the accuracy of his thesis - as each day seems to herald some new currency crisis or financial sector failure. Lingle is no stranger to controversy, following his forced departure from Singapore after the publication of an article, critical of the government, in the "International Herald Tribune". This book questions all international perceptions of East Asia's future and promises to stimulate debate.