East Asia and the crisis of development theory

Journal of Contemporary Asia

Volumn 28, Issue 4, 1998, Pages 435-456

  Burkett, Paul ^a   Hart Landsberg, Martin ^b  

^a INDIANA STATE UNIVERSITY   (United States)

^b LEWIS AND CLARK COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0000344974     PISSN: 00472336     EISSN: 17527554     Source Type: Journal    
DOI: 10.1080/00472339880000241     Document Type: Article

References (60)

1. Koretz, Gene. 1996. Economic Trends:Coming Up Fast on the Outside. Business Week, April:26–26. 8 International Monetary Fund, World Economic Outlook (Washington, DC:International Monetary Fund, May 1996), pp.121, 188.
2. Gargan, Edward A., 1997. Currency Assault Unnerves Asians. New York Times, July:C15–C15. 29 “Frozen Miracle:A Survey of East Asian Economies,” The Economist, March 7, 1998, p. 5.
3. World Bank. 1993. The East Asian Miracle:Economic Growth and Public Policy, New York:Oxford University Press. Alice Amsden, Asia's Next Giant:South Korea and Late Industrialization (New York:Oxford University Press, 1989); Robert Wade, Governing the Market:Economic Theory and the Role of Government in East Asian Industrialization (Princeton, NJ:Princeton University Press, 1990).
4. For a Marxist analysis of the exploitation and instabilities built into the East Asian “miracles” — one formulated prior to the onset of the current crisis — see Hart-Landsberg Martin, Burkett Paul, Contradictions of Capitalist Industrialization in East Asia:A Critique of ‘Flying Geese’ Theories of Development Economic Geography 1998 forthcoming
5. 1997. The Asian Miracle:Is It Over?. The Economist, March:25–25. 1
6. International Monetary Fund. 1997. World Economic Outlook, 10–10. Washington, DC:International Monetary Fund.
7. For the views of the IMF's left-wing neoliberal critics, see Passell Peter, South Korea Is Facing Some Difficult Economic Choices New York Times December 1997 C2 C2 18 and Peter Passell, “Critics:The IMF is Misguided,” New York Times, January 15, 1998, p. C2.
8. Stiglitz, Joseph. 1997. How to Fix the Asian Economies. New York Times, October:A19–A19. 31 cf. Passell, “Critics:The IMF is Misguided,” op. cit.
9. International Monetary Fund. May 1996. World Economic Outlook, May, 10–10. Washington, DC:International Monetary Fund. 28; “The Asian Miracle:Is It Over?,” op. cit., p. 25.
10. 1997. The Asian Miracle:Is It Over?. The Economist, March:25–25. 1
11. 1997. The Asian Miracle:Is It Over?. The Economist, March:25–25. 1 Gargan, “Currency Assault Unnerves Asians op. cit., p.C15; David E. Sanger, “The Overfed Tiger Economies,” New York Times, August 3, 1997, Section 4, p. 3.
12. Woo-Cumings, Meredith. December 1997. “ How Industrial Policy Caused South Korea's Collapse ”. In Wall Street Journal, Interactive Edition December, 8
13. 1997. South Korea:The End of the Miracle. The Economist, November:22–22. 29
14. 1998. The Flexible Tiger. The Economist, January:73–73. 3
15. 1998. Bankruptcy in Asia:The Living Dead. The Economist, January:71–71. 24
16. Sanger, David E., 1997. The Stock of ‘Asian Values’ Drops. New York Times, November:4–4. 23 Section 4
17. 1998. And Now the Political Fall-Out. The Economist, January:34–34. 17
18. Woo-Cumings. December 1997. “ How Industrial Policy Caused South Korea's Collapse ”. In Wall Street Journal, Interactive Edition December, 8
19. Stiglitz. 1997. How to Fix the Asian Economies. New York Times, October:A19–A19. 31 (emphases added)
20. Kahn. 1997. IMF Concedes Its Conditions for Thailand Were Too Austere. New York Times, December:C2–C2. 18 Passell, “Critics:The IMF is Misguided,” op. cit.
21. Altman, Roger C., 1998. The Nuke of the 90's. New York Times Magazine, March:35–35. 1
22. Stiglitz. 1997. How to Fix the Asian Economies. New York Times, October:A19–A19. 31
23. See, for example Asia's Economic Crisis:How Far Is Down? The Economist November 1997 19 21 15
24. Norris, Floyd. 1998. Giving Credit Where Blame Might Be Due. New York Times, January:5–5. 25 Section 4 Passell, “South Korea Is Facing Some Difficult Economic Choices,” op. cit.
25. See, for example The Economist 22 22 South Korea:The End of the Miracle op. cit.
26. Sachs, Jeffrey D., November 1997. “ The Wrong Medicine for Asia ”. In New York Times, On-Line Edition November, 3 Stiglitz, “How to Fix the Asian Economies,” op. cit.
27. World Bank. 1993. The East Asian Miracle:Economic Growth and Public Policy, New York:Oxford University Press. Wade, “Japan, The World Bank, and the Art of Paradigm Maintenance,” op. cit.
28. 1998. And Now the Political Fall-Out. The Economist, January:34–34. 17 The Economist, “Asia's Economic Crisis:How Far Is Down,” op. cit.; Richard W. Stevenson, “IMF Opposing Indonesia's Plan for Currency,” New York Times, February 14, 1998, pp.B1, B2; Seth Mydans, “Indonesia, Under Pressure, Shelves a Currency Board,” New York Times, February 21, 1998, p. B2.
29. Sanger. 1997. The Stock of ‘Asian Values’ Drops. New York Times, November:4–4. 23 Section 4
30. Bello, Walden, and Rosenfeld, Stephanie. 1990. Dragons in Distress:Asia's Miracle Economies in Crisis, San Francisco:Institute for Food and Development Policy. Part I; Martin Hart-Landsberg, The Rush to Development:Economic Change and Political Struggle in South Korea (New York:Monthly Review Press, 1993); James Petras, “The Asian Crisis,” Z Magazine, Vol.11, No. 1, January 1998, pp. 10–1.
31. Lee, Martin. 1998. Testing Asian Values. New York Times, January:A17–A17. 18
32. Hart-Landsberg. 1993. The Rush to Development:Economic Change and Political Struggle in South Korea, New York:Monthly Review Press.
33. Hart-Landsberg. 1998. The Asian Crisis:Causes and Consequences. Z Magazine, 11 (1) January:10–11. Walden Bello, “Addicted to Capital:The Ten Year High and Present Day Withdrawal Trauma of Southeast Asia's Economies,” Focus-On-Trade (Focus on the Global South, Bangkok, Thailand), No.20, November 1997.
34. Woo-Cumings. December 1997. “ How Industrial Policy Caused South Korea's Collapse ”. In Wall Street Journal, Interactive Edition December, 8 The Economist, “South Korea:The End of the Miracle,” op. cit.
35. Zirnite, Peter. August 1997. The Other Side of the Asian Miracle August, InterPress Service (circulated by Focus on the Global South, Bangkok, Thailand) 27
36. See especially Magdoff Harry, Sweezy Paul M., Stagnation and the Financial Explosion Monthly Review Press New York 1987 Paul M. Sweezy and Harry Magdoff, The Irreversible Crisis (New York:Monthly Review Press, 1988); Paul M. Sweezy and Harry Magdoff, “Investment for What?,” Monthly Review, Vol. 42, No. 2, June 1990, pp. 1–10; and Paul M. Sweezy, “The Triumph of Financial Capital,” Monthly Review, Vol. 46, No. 2, June 1994, pp. 1–11.
37. See, for example Stiglitz, How to Fix the Asian Economies New York Times October 1997 A19 A19 31
38. Hart-Landsberg and Burkett. 1998. Contradictions of Capitalist Industrialization in East Asia:A Critique of ‘Flying Geese’ Theories of Development. Economic Geography, forthcoming Hart-Landsberg, “The Asian Crisis:Causes and Consequences,”:op. cit.
39. Amsden, Alice H., and Euh, Yoon-Dae. 1997. Behind Korea's Plunge. New York Times, November:A23–A23. 27
40. Amsden, Alice H., and Euh, Yoon-Dae. November 1997. “ Behind Korea's Plunge ”. In New York Times November, A23–A23. 27
41. Wade, Robert, and Veneroso, Frank. The Asian Crisis:The High Debt Model vs. the Wall Street-Treasury-IMF Complex The Russell Sage Foundation Web site (http://epn.org/sage/imf24.html), March 2, 1998.
42. Amsden and Euh. 1997. Behind Korea's Plunge. New York Times, November:A23–A23. 27
43. Chang, Ha-joon. 1997. Perspective on Korea:A Crisis From Underregulation. Los Angeles Times, December On-Line Edition 31 Amsden and Euh, “Behind Korea's Plunge,” loc. cit.
44. Amsden and Euh. 1997. Behind Korea's Plunge. New York Times, November:A23–A23. 27
45. Chang. 1997. Perspective on Korea:A Crisis From Underregulation. Los Angeles Times, December On-Line Edition 31
46. Chang. 1997. Perspective on Korea:A Crisis From Underregulation. Los Angeles Times, December On-Line Edition 31
47. Amsden and Euh. 1997. Behind Korea's Plunge. New York Times, November:A23–A23. 27 Edwards quoted in Dipankar De Sarkar, “Development:ASEAN Economies ‘Need More State Intervention’,” InterPress Service, Worldwide Distribution via the APC Networks, December 15, 1997.
48. Chang. 1997. Perspective on Korea. Los Angeles Times, December On-Line Edition 31 Wade and Veneroso, “The Asian Crisis,” op. cit.
49. Wade and Veneroso. 1998. The Asian Crisis:Causes and Consequences. Z Magazine, 11 (1) January:10–11.
50. Amsden. 1989. Asia's Next Giant:South Korea and Late Industrialization, New York:Oxford University Press. Paul Krugman, Strategic Trade Policy and the New International Economics (Cambridge, MA:MIT Press, 1986); also “Free Trade & Protectionism,” Chapter 9 in Paul Krugman, The Age of Diminished Expectations (Cambridge, MA:MIT Press, 1990), pp. 101–13.
51. Wade and Veneroso. 1998. The Asian Crisis:Causes and Consequences. Z Magazine, 11 (1) January:10–11.
52. Wade and Veneroso. 1998. The Asian Crisis:Causes and Consequences. Z Magazine, 11 (1) January:10–11.
53. O'Connor, James. 1996. World Economy in the 1990s. Capitalism, Nature, Socialism, 7 (1) March:118–119.
54. Petras. 1998. The Asian Crisis:Causes and Consequences. Z Magazine, 11 (1) January:10–10.
55. Woo-Cumings. December 1997. “ How Industrial Policy Caused South Korea's Collapse ”. In Wall Street Journal, Interactive Edition December, 8
56. Amsden and Euh. 1997. Behind Korea's Plunge. New York Times, November:A23–A23. 27 Henwood, “Asia Melts,” op. cit., p. 5.
57. Henwood. Asia Melts loc. cit. 5–5.
58. See Clarke Simon, Marx's Theory of Crisis St. Martin's Press New York 1994
59. For an interesting discussion of the worldwide privatization movement and its implications for socialists, as informed by the East Asian crisis, see Greenfield Gerard, The Economic Crisis in Asia:Towards Nationalisation … of Private Sector Debt? Hong Kong1998February Unpublished Manuscript 22
60. Marx to Wilhelm Bracke May 1875 5