Miracolo o miraggio? Riflessioni sulla crisi asiatica

The paper seeks to add new arguments to the debate on the "Asian Miracle", and its current crisis, within an institutionalist framework. After a discussion on the neomercantilist features of the "Asian Miracle", in opposition to the "Market friendly approach" proposed by the World Bank, the paper considers how, and why, the process of productive integration of that region has been put under stress by the recent liberalisation of international finance. The progressive weakening of the "Developmental States" agenda seems to have exposed most new-comers from South East Asia to abrupt changes in financial flows, with dramatic consequences in terms of output and growth potential. The reaction of the countries most affected by the crises is now far from homogeneous. New regulatory policies emerge, both in the form of restrictions on capital flows and in financial market management. But the rebuilding of institutional capabilities is also under way. Therefore a revision of the current "Washington Consensus" seems most desiderable, to help reconstruct compatibility in the world system of trade and investments.