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To: akidron who wrote (45907)6/2/1998 4:20:00 AM
From: Chuzzlewit  Read Replies (1) of 176387
 
Akidron, you're wrong on your characterization of Asian markets, but I think you're on target with your characterization of the US economy. The Tiger economies were closed to foreign capital, currencies were pegged to the dollar and defended by central banks, and contracts were given to friends and relatives of people in high places -- hence "crony capitalism". The dirty secret is that many of the large Korean companies, for example, never made a dime by selling product -- all of the earnings came via currency arbitrage based on the government's defence of the currency. And countries like Japan made a habit of exporting their unemployment by dumping and excluding foreigners. So, in that sense they were highly regulated because all of these activities depended explicitly on government policy.

I think the difference is that in the US we have a form of capitalism that is much more democratic in nature. You are certainly correct about the degree of regulation here. I just think the emphasis is different. Much of the regulation is designed to encourage competition, while in Asia it served the opposite purpose.

This Sunday's NY Times magazine section had a fairly lengthy article discussing the fall of the Asian economies. Excellent reading -- highly recommended.

TTFN,
CTC
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