A crise asiática: para além das explicações convencionais

Abstract

Conventional wisdom has emphasized that the Asian crisis was caused by a given pattern of political Intervention In the market forces, where the State provided implicit guaranties over investments private decisions, leading to reckless behavior In the allocation of the resources — the named crony capitalism. We suggest that, on contrary, explanations of the crisis have to be found in the break up of the developmental coordination of the States, especially after the deepening of the financial liberalization in the 90's.