Indeed, no room was allowed for alternative viewpoints regarding the situation. The crisis then occurred during July of 1997, when the Thai baht was floated. It is rather interesting that the very same players predicting continual prosperity, have moved to the exact opposite of their previous opinions, now profiting from the collapse and gloomy predictions for the future of the Asian economy.
The role of the World Bank was thus significant in the failure to predict that NIC crisis during the late 1990's. Its opinions were held in such high regard that little could be done to sway it. As seen above, however, the Bank was also caught up in the cycle of illusion perpetuated during the time by the various elements mentioned above. Respected economists, journalists and other influential entities served to sway the Bank's opinions and to make almost impossible any contradictions to the contrary (Saker, 1996: 5).
This is somewhat reminiscent of consensus opinions of human history, including the view that the world was flat or that the earth was the center of the universe. There was no proper analysis of the situation as it presented itself in truth, and those who called for such analyses were ostracized at worst and disregarded at best.
The many ordinary Asians that suffered as a result of the economic collapse have become a symbol of the negative effects of globalization on the lives of people who do not play powerful roles in the economic world. Such globalization...
Economic development of Eastern and Western Europe over the course of the nineteenth and twentieth centuries obviously differed, but not to the extent that historians or economists have frequently imagined. Put simply, the economic histories of Eastern and Western Europe are frequently viewed according to either region's differing political organizations, with the capitalist West opposed to the Communist East, but in reality, the period of time defined by the rise
Economic Development and Trade In an era of increased globalization and advancements in technology, it has become increasingly important for all of the nations of the world to keep bringing improvements in their economic infrastructure and to expand their businesses on the global scale. It has been observed that without a reasonable level of economic development any country cannot gain a competitive position in the world market. This is the dilemma
Economic Development in Honduras: A Banana War Legacy An Analysis of Economic Development in Honduras from 1820 to Present In many Latin American countries such as Honduras, the historical emphasis that has been placed on agriculture as a money industry for export purposes has resulted in the term, "banana republic" (Nash & Jeffrey 1994). Following their independence, most Latin American countries continued to depend on the export of raw materials for their
Economic Development Agency Economic development constitutes one of the most important aspects and without it life would become unbearable to all individuals living in the society. This process however does not happen in a vacuum and the involvement of various stakeholders, say the communities and policy makers is mandatory (O'Sullivan & Sheffrin, 2003). The roles of the State Economic Development Agency (SEDA) in promoting positive economic development is one, whose
Vietnam and Indonesia, for example were governed by democratic powers, nowadays leaning more and more towards liberalization. These countries did not enclose themselves within the geographical boundaries of the territory, but initiated business relationships and partnerships with neighbor countries or across the globe countries. These countries understood the concept of compared advantages and applied them in practice. One of the most relevant examples of economic success due to international trade
Kenya: A Case Study in Reform From its rough beginnings, Kenya has instituted a series of economic reforms in an attempt to raise the condition of the Kenyan people. They are an attempt to bring the Kenyan people out of a state of poverty and repression to one of stability and security about their ability to sustain themselves. Each reform has been better than the last, but they are still far
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now