Wounded Asia vs. the IMF: Where do we go from here?

Chai, Jay W.

When you try to transform a tight, feudalistic society, such as you have in Asia, into a
modern, capitalistic society—much as you have in the West—you run into a lot of trouble. In
Asia now, almost every aspect of the society and economy is being overturned by large,
impersonal forces—called the market. In the short run, it’s going to be very tough for the region,
but I assure you, in the long run, it’s the best thing that can happen.

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Academic Units
Center on Japanese Economy and Business
Center on Japanese Economy and Business, Graduate School of Business, Columbia University
Center on Japanese Economy and Business Occasional Papers, 39
Published Here
February 16, 2011