This study will probe at the causes and likely consequences of the ongoing Southeast Asian crisis that began in the second quarter of 1997. Though the situation is still unfolding and surely will continue to for many years to come it can confidently be said that this is the worst economic crisis the world has experienced since the Great Depression of the 1930s. Until very recently, most analysts had confined the crisis to Indonesia, South Korea, Malaysia, and Thailand. Some obdurate analysts even continue to suggest that the Asian 'miracle' is still far from over! These, and many other predictions that the crisis would result in only a short, sharp downturn with almost no impact on the major capitalist countries, have all proved to be wrong. Severe economic crisis in Japan along with economic slowdown in China, currency lows in Canada, South Africa, Mexico and many other countries, and the finale of the stumbling American economy, do clearly suggest that the crisis is endemic to the entire global system. This is an ugly and painful realization, but it is indeed reality. Not only does it seem that the Asian miracle is surely over, but that the burgeoning global economy is headed for a drastic slowdown. 7.5 pgs. 16 f/c. 5b.
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