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 andended 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...

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