In Asia, country after country retreats from the global economy The Asian crisis is entering a new stage when beleaguered nations erect walls between themselves and the dangerous forces of world markets.
Taiwanese officials make it more expensive to short stocks.
South Korea cancels the sale of Kia Motors Corp. rather than accept low but realistic bids for the bankrupt carmaker. And Japan refuses to let its biggest banks fail. These are just the kind of moves that U.S. and International Monetary Fund officials deplore. They signal a retreat from the global economy and a collective repudiation of the Western doctrine that only deep structural reform and a total commitment to free markets can provide a way out of Asia's mess. Earlier this year Asia's leaders swore they would stay the course.