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The author points out that when the economies of East Asia started to crash in 1997, ....... .
Although East Asia's economies clearly have some
things in common, economists always enjoy arguing
over what these things are. A few years ago, when
they were still soaring in unison, one camp
attributed their success to strong and wise
governments; another emphasized the power of free
markets. When they began crashing to earth,
starting with Thailand in mid-1997, the two camps
changed sides, blaming, respectively, stupid and
corrupt governments or hysterical markets. Cultural
explanations, too, have been popular through both
ups and downs. Among this rich array of theories,
one less clever but far more verifiable explanation is
often overlooked: the economies of East Asia are, in
fact, right next to each other.