Economic crisis in East Asia: the clash of capitalisms

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Abstract
The Asian economic model does not exist uniformly in East Asia and is itself only a model, not the complex economic reality of a huge and diverse area. ‘Crony capitalism’ is an inadequate explanation for what has happened in East Asia. And in the debate between Anglo-American economic orthodoxy and revisionism, the meltdown has tended to confirm the results of revisionist research. There are three main contenders among explanations for the meltdown—all three of which may prove to be true. These are the liquidity-crunch explanation, the overcapacity explanation, and the end-of-the-Cold-War-in-East-Asia explanation.

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