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Don’t blame Asian values

The Asian crisis is going to be worse for the west than even the pessimists imagine. But Asian values are not discredited

By David Howell   October 1998

The Asian financial crisis goes from bad to worse. No one will be surprised by this except for the group of analysts and commentators who, towards the end of 1997, looked at the figures for direct trade between the western world and southeast and east Asia and concluded that the region’s troubles would hardly touch the European or American economies.

So small, they argued, were the volumes of direct imports and exports between either the EU or the US and the affected areas, that the whole business could safely be regarded as marginal, even beneficial, and the impact on western…

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