The Asian Tiger Economic Meltdown
It began in the summer of 1997. First Thailand, then Indonesia, Malaysia and South Korea. The Asian tiger economies went into a massive freefall. Businesses went bust, millions were laid off, stock markets and currencies collapsed. The crash was rather stunning, since just before things broke loose the tigers had been hailed by the International Monetary Fund as the “economic model of the future.” Interviewed by Sarah Anderson.
Martin Khor is the director of the Malaysia-based Third World Network and editor of its magazine Third World Resurgence.