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Crisis, what crisis?

The Asian crisis has not brought down global capitalism. Most of the affected countries are now recovering strongly and some have more liberal regimes. But while the world's attention has been diverted eastwards, western corporations have been quietly rewriting the rules of global trade

By Gerald Segal   February 1999

Capitalism has just had its worst crisis for a generation, and guess what happened? Nothing. No red flags flew, no communist guerrillas took to the hills of Asia and the most radical proposal to have come from the west involved tinkering with the international financial institutions. The only ideas that in a few countries provided a rallying point to victims of the economic crisis were the very old ones of ethnicity and religion. Francis Fukuyama has been proved right: if you want to grow rich, there is no alternative to an essentially liberal political economy.

While supporters of the Fukuyama…

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