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The
East Asian
region has
suffered from
a certain lack
of confidence
after the
regional
financial
crisis of
1997-98. The
earlier hubris
following the
apparent
success of the
‘East Asian
Miracle’
evaporated
with the East
Asian debacle.
This came
several years
after the
disastrous
‘Japanese Big
Bang’, which
was also
caused by
ill-considered
financial
liberalization.
East Asian
developments,
since then,
especially
greater
regional
cooperation,
offer
interesting
lessons about
its potential
limitations.
The author
concludes that
the biggest
problem in
East Asia is
relatively
poor
understanding
of and little
agreement on
past successes
as well as
failures. This
has meant that
post-crisis
economic
liberalization
policy reforms
have sometimes
continued
despite
increasing
international
criticisms of
the Washington
Consensus.
There is also
far too little
meaningful
regional
cooperation in
East Asia
cognizant of
the region’s
diversity,
characteristics
and
environment.
For a
meaningful
cooperation to
develop, the
countries need
to create the
conditions for
continued
economic
growth and
transformation
to sustain
economic
development
and to ensure
greater
justice in the
region by
reducing
inequalities.
With greater
global
awareness,
they need to
address not
only
disparities
within
countries, but
also among
countries in
the region,
and between
the region and
the rest of
the world.
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