Not too long ago, songs of Flying Geese were still at the top of the academic buzzword charts. That was then. Those topping the pop music charts rotate increasingly fast these days, and so do those at the top of the academic buzzword charts. No more Flying Geese songs, no more miracle. Yes, there has been a financial crisis in Asia.
Different people have different answers.
Professor Gary Hawke is right when he argues that the market carries country-specific imperatives. But that does not help us much to understand the crisis itself. During the last half century Asia has experienced both a miracle and a crisis, and what is often not recognised is the fact that they are two different things. Let me consider the miracle first. For my part, I do believe that there is an Asian model that has been instrumental in bringing countries in the region out of poverty and underdevelopment in a remarkably short period of time.