Asian Resources and Economic Power Asia has always been a centre of attention in world's politics. A single decision made by one of the Asian countries has a tendency of altering the world's political and economic scenery. A change in Afghanistan changed the perception about world's security and enunciated an on-going war of peace. Similarly, China's growth has altered economic policies of many countries in the world. Hence, whatever takes place

Resulting from the devaluation of China's currency was an exacerbation of problems throughout Asia. VII. 1995-96 -MINI-RECESSION, DEBT PROBLEM, ACCUMULATION In the summer of 1995, the reversal of the chronic weakness of the dollar resulted in the depreciation of the Japanese yen, which had been approaching an acute deflationary crisis with a steep fall in the stock market. (Makin, 2000; paraphrased) VIII. 1996-97 - DEBT / FOREIGN EXCHANGE, RESERVE RATIONS DETERIORATE The work

Asian Financial Crisis of 1997 The economies of the so-called "Asian Tigers" were looked at with envy by the rest of the world in the early 1990s. These Southeast Asian countries -- South Korea, Taiwan, Singapore, Hong Kong, Malaysia, and Thailand had shown impressive (in most cases double-digit) growth rates for the preceding decade and more; thus becoming "darlings" of liberal capitalism and globalization in the post-cold war era. Other developing

Myth of Asian Miracle Critical Analysis of a Paper by Paul Krugman The phenomenal growth in the East Asian countries and China during the 1980s-1990s startled the western world. Were they going to overtake the developed economies of the western countries was the question asked in the economic circles. Stanford economist Paul Krugman [1] wrote a controversial article, 'The Myth of Asian Miracle' in November / December 1994 issue of 'Foreign Affairs'. In

Energy costs increased substantially and the yen's exchange rate was shifted to a floating rate. The eventual recession reduced expectations of future growth and reduced private investment. Economic growth went down from 10% to 3.6% during the period 1974-79 and to 4.4% in the decade of the 80s. But despite the oil crisis and its consequences, Japan's major export industries stayed competitive through its cost-cutting policy and increasing efficiency.

(Richter, 2002, p. 126) The Asian currency crisis put a heavy toll on the Asian economic paradigm sweeping across economies of Singapore, Taiwan and Korea. For instance, the implication of the regional crisis on Korea has been acute. It was compelled to approach the IMF for emergency credit and received $57 billion aid package with 7.5% of the Korean employable people without jobs by July 1998. Labor problems surfaced across