Summary of Miracle to Meltdown in Asia

Business, Government and Society

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Miracle to Meltdown in Asia book summary
Guangxi Gamble: Can the intricate webs of business, personal and family relationships that make up Asian economies survive globalization, and what role did these ties play in the calamities of the late 1990s?


8 Overall

5 Applicability

10 Innovation

8 Style


Norman Flynn summarizes many arguments and viewpoints about Asia’s 1997-1998 financial crisis. Flynn, who thoroughly documents his information with examples, charts and graphs, lays out the key pre-crisis weaknesses in the Asian economies. Then, he examines ways that "expressive" personal relationships, especially among the élites, define much of Asia’s economic and political activity. He examines shifts in society, as globalization and supranational institutions (read IMF) move power from governments and élites to the markets. Flynn leans away from drawing conclusions - he prefers to present various points of view - but when he does state a conclusive opinion, he is persuasive. The book is packed with useful information, despite being short, very dense, and rather academic. getAbstract recommends this excellent book to anyone with a serious interest in investing or doing business in Asia.

In this summary, you will learn

  • Why Asian economies suddenly nosedived from “miracle to meltdown” in the late 1990s
  • Why China and Taiwan recovered relatively fast from Asia’s 1997-1998 economic crisis
  • How Asian countries will retain their identities despite globalization


Lessons from the Asian Crisis
In July 1997, the collapse of the Thai baht set off a financial meltdown throughout East Asia, hitting the currencies of Taiwan, Korea, and Singapore. By year’s end, the Thai stock market lost 90% of its value, Indonesia lost 85%, Korea lost 80%, and Singapore...
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About the Author

Norman Flynn is a Research Fellow at the London School of Economics. Formerly, he was Professor of Public Management at the City University of Hong Kong. He has consulting experience in China, Hong Kong and many countries in Europe.

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