Tigers Tamed: The End of the Asian Miracle (Latitude 20 Books)

The 1997 financial crisis punctured the myth of a distinctive Asian model of economic development, the idea that that the region had discovered a blueprint for faster economic growth. The myth of the Asian miracle created the East Asian boom in the late 1980s and early 1990s. The myth ended with an abrupt collapse in confidence that sent East Asian currencies, sharemarkets and real estate prices tumbling. The crisis pushed most of the region into severe recession, fuelled political and social turmoil and ended the 32-year reign of Indonesian President Suharto.

A readable account of the financial, economic and political crisis that started in Thailand in 1997, quickly engulfed East Asia, and now threatens the economic health of the rest of the world. Garran traces the origins of the crisis in the successes and failures of the Japanese post-war economic miracle. He explains The spread of the notion of an Asian model of economic development, and how this idea was undermined by the 1997 crash. The book addresses the causes and consequences of the crash in all the worst-affected countries, with special attention paid to Japan, Korea, Thailand, Indonesia, and Malaysia. Essential reading for anyone interested in the rise and fall of the Asian miracle and the region's future prospects, including students, scholars, economists and historians.

As well as the events of 1997 and the first half of 1998 the book describes the historical background to the crisis and reviews the economic debate on its causes and consequences. Unlike other books on the crisis it deals extensively with the growth of the Asian economic model. It is accessible to non-specialists, and should be useful to undergraduate and upper secondary students. Tigers Tamed covers the origins and history of the crisis all the main countries in the region in detail. It has a statistical appendix showing key economic indicators for the region.