The Causes of the Asian Crisis Essay

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The Causes of the Asian Crisis The Causes of the Asian Crisis. There are many speculations about the causes of the Asian Crisis. From my research I found out that there is quite a number of reasons for the Asian currency crisis. There is a book called; The East Asian Miracle, which was published by the World Bank. This book expressed the relationship between government, the private sector, and the market. (See Hoover Digest 1998 No.3. William McGurn. What went wrong?) The book talks about the economic bloom…show more content…
(What went wrong? Hoover Digest 1998 No.3 William McGurn) In the paper written by William McGurn "What went wrong?", he explained that the people's minds in Asia only understood the word miracle and the banks failed to recognize the risks and credits of the bloom. The banks also failed to realize that they were only being used as policy arms by the government. The only word that stuck in people's minds in Asia was the word miracle. They therefor forgot the fundamentals, which could be easily understood. William McGurn said that the countries that suffered the most in the Asian economic crash were the countries that were heavily engaged in the state planning. 'This in turn lead to all manners of extravagant claims about "Asian Values" and the idea that western concepts such as competition really didn't apply" (William McGurn. What went wrong?) On February 19, 1998 a group of Hoover fellows and invited experts assembled in the Hoover institution to discuss
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