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Premature financial deregulation in south-east Asia led to a proliferation of family-business-controlled banks which did nothing to support exportable manufacturing and which indulged in vast amounts of illegal related-party lending. It was a story of banks being captured by narrow, private sector interests whose aims were almost completely unaligned with those of national economic development.
How Asia Works
Joe Studwell
‘If I had to summarise the essence of what economic history can contribute to economic science, I would say that there exist no “laws” or rules in economics which are valid for all periods of history.’ Paul Bairoch,
How Asia Works
Joe Studwell
Genuine free trade in services would require free movement of labour around the world, so that any service could be performed where it was required. However not even neo-liberal economists want to let labour migrate at will. Evangelists of the free market do not really believe in free trade when it comes to unrestricted movement of people, and nor do rich country governments.
How Asia Works
Joe Studwell
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