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Lessons of global neo-liberalism? The East Asian economic crisis reconsidered

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  • David Smith

Abstract

Financial policies taken as a strategic means for Korean economic development in the past have generated the crisis, putting the Korean economy into a Ponzi game. A Ponzi game implies an arrangement in which debts are backed not by real assets, but by future debts. Such arrangement has merit for the fact that the initial flow of resources from lenders to borrowers is not ultimately offset by a flow of equal value in the opposite direction. The result is then a continuous exceeding of interest payments over profit earnings.

Suggested Citation

  • David Smith, 1998. "Lessons of global neo-liberalism? The East Asian economic crisis reconsidered," Global Economic Review, Taylor & Francis Journals, vol. 27(4), pages 45-63.
    • Handle: RePEc:taf:glecrv:v:27:y:1998:i:4:p:45-63
    DOI: 10.1080/12265089808449745
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    References listed on IDEAS

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    1. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564298, January.
    2. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564403, January.
    3. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
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