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Miracle to Meltdown in Asia
Book

Miracle to Meltdown in Asia

Business, Government and Society

Norman Flynn
Oxford UP, 1999

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Editorial Rating

8

Qualities

  • Analytical
  • Overview
  • Background

Recommendation

Norman Flynn summarizes many arguments and viewpoints about Asia’s 1997-1998 financial crisis. Flynn, who thoroughly documents his information with examples, charts and graphs, lays out the key pre-crisis weaknesses in the Asian economies. Then, he examines ways that "expressive" personal relationships, especially among the élites, define much of Asia’s economic and political activity. He examines shifts in society, as globalization and supranational institutions (read IMF) move power from governments and élites to the markets. Flynn leans away from drawing conclusions - he prefers to present various points of view - but when he does state a conclusive opinion, he is persuasive. The book is packed with useful information, despite being short, very dense, and rather academic. getAbstract recommends this excellent book to anyone with a serious interest in investing or doing business in Asia.

Take-Aways

  • Asia probably is not moving toward western liberal democracy.
  • Asian governments have not recognized any implied contract with their citizens that would support a welfare state.
  • Future responses to economic crises need to be more sensitive to the crises’ roots and social fallout.

About the Author

Norman Flynn is a Research Fellow at the London School of Economics. Formerly, he was Professor of Public Management at the City University of Hong Kong. He has consulting experience in China, Hong Kong and many countries in Europe.

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