The East Asian economic crisis is the most crucial economic event in the region of the past few decades. The differences of views are being debated in academic and policy circles and reflected in the media. As an Asian, I knew that this crisis had a big impact on Asian economy, so as my book review, I chose chapter 4, ¡°The East Asia Crisis¡± to learn more about this big economic event specifically. This chapter is divided into three main contents. First, the author, Josepf E. Stiglitz, explained about how the crisis worsened. Second, he mentioned mistakes of the IMF to solve the economic problem in Asia. Third, he referred to its recovery and the effect on the future. The author criticized the IMF¡¯s policy and its viewpoint. Overall, I agreed with his point of view about the economic crisis in Asia and the IMF¡¯s policy. In my book review, of the information that the author mentioned, I will focus on the starting point of the Asian crisis and two mistakes that I want to further analyze
Many of Asian countries have grown faster and reduced their poverty than any other region of the world. People called this economic remarkable development ¡°The East Asia Miracle¡±. Unfortunately, from the beginning of the collapse of Thai baht, the miracle was finished. According to the address of the IMF, the reason that Asia faced such a crisis was due to corruption of the Asian nations¡¯ institution. I agree with this opinion that the IMF mentioned. For rapid economic growth, many Asian countries needed the cozy relationship between the politics and business. The government supported specific companies to grow faster and easier than other companies by giving illegal opportunities. These companies that benefited from the government also supported the politicians to keep their priv ...