ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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End of Catch-Up Industrialisation-Notes on South-East and East Asian Crisis

Notes on South-East and East Asian Crisis DN THE economic crisis that has been sweeping large parts of south-east and east Asia has already taken a high human toll in terms of job losses and falling incomes. Of course, the rich across the region have also lost subs- tantial portions of their wealth and income, Bangkok has become famous for its new week-end 'flea market' of the rich, where you can buy anything from fancy watches and jewellery to pleasure boats and light aircraft. One need shed no tears for those whose fortunes have been diminished. But millions have been pushed into unemployment or have found their incomes falling. An ILO report (1998) on the social impact of the economic crisis points out that women and migrants figure disproportionately among the victims. The youth passing out of high school and even college suddenly find that the job market has literally evaporated, The anger at those who built fortunes while the going was good and still continue to profit from misery has exploded into wide- spread struggles against the Suharto regime in Indonesia. In South Korea militant trade unions and students have been repeatedly clashing with the police. While the rest of south-east Asia and east Asia has not seen the kind of widespread turmoil in Indonesia or even South Korea, nevertheless everywhere one can sense a loss of faith in the established systems of government and business.

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