To date, we have spent most of the semester talking about the reasons for the success of the developing Asian Economies and the explanations for the financial and economic crises that began in 1997. To some extent we have also simulated events (only discussed the simulation this semester), and we have started discussing the various individual countries. Outside of the lectures, you have also read a variety of viewpoints exploring models of development and causes of the crises. Given this information, consider the following questions: Were there elements of these economies which allowed the economies to develop and grow during the Asian Economic Miracle that also led directly to the Asian Financial Crisis? Explain why or why not. How did the factors interact? If the one didn’t contribute to the other, then how are the miracle and crisis independent? Explain. While you are not required to do so, you may consider the following questions in formulating your answer. What specific lessons, if any, do we learn from East Asia? Explain. Does the passage of time, especially since the crisis, make Asia less or more relevant? Why? Do the years of recovery and slowdown since the crisis provide additional warnings or lessons? Why? Does the process of globalization make the Asian experience more or less relevant? How so? Build an overall case to explain and support your position with details and examples by drawing upon any background materials such class readings, lecture notes, news accounts, economic theory, or any other relevant materials at your disposal. Do not attempt to individually answer all of the questions, but you do need to attempt address the prompt as a whole. Your grade will depend primarily upon how you develop, support, and/or defend your position.
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