By the mid-1990s, south-east Asia and its fast-growing economies were the envy of the world. The region's leaders boasted that their societies, based on hard work and family values, were superior to those of the decadent West. Then came the financial crash of 1997. This study examines in detail the miracle that turned sour, including: the debate about the existence of "Asian values"; the relationship between democracy and authoritarianism; SE Asia's "Generation X" - as wild and happy-go-lucky as any Western teenagers; the region's political and business leaders; the environmental disaster befalling the region; and power politics - between Russia, China and the United States - in the region.
The lessons that can be taken from this book and applied to the US 2008 market crash are sadly amusing.
The portrait painted of the ten nations of ASEAN serve as a very well informed primer, but as an expat in SE Asia serve to make me want to dig deeper. This book verified many of the rumors I had heard since coming here, and introduced me to a few more scandals.
This book not only introduces you to intricacies of business and politics in SE Asia, it seems a bit of a portend to financial turmoil the world over. We just haven't connected all of the dots yet.
Highly recommended reading for economists, historians interested in SE Asia and anyone seeking to understand the underpinnings of global market collapses.