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Tigers at bay

The east Asian economic shock reminds both Asians and westerners that the tiger economies are subject to normal economic laws. Gerald Segal hopes we will now hear less about Asian values

By Gerald Segal   October 1997

Give two and a half cheers for Asia’s recent currency and stock market crises. Cheer not from schadenfreude, but to welcome swift retribution for hubris. We all gain from a booming east Asia, so we should welcome an economic evolution that, if the Asians are clever, will ensure sustained prosperity.

Although east Asians had plenty of warning about their economic problems, promoters of “the Asian miracle” were not listening. On 2nd July, Thailand had to give up the battle to defend its currency and ever since there has been a wave of devaluations and stock market crashes throughout southeast Asia.…

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