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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: jlallen who wrote (197)	6/5/1998 8:14:00 AM
From: Henry Volquardsen	Read Replies (3) of 3536

John, I've seen some comments of that kind recently, may have been in the NY Times Magazine but I don't remember. A lot of it is revisionist nonsense. The Asians weren't the world beating supermen we were scaring ourselves about in the 80s but neither are they as pathetic as some people are beginning to imply now. The current regional problems are largely due to decades of over investment and over leverage that were encouraged by structural conditions in their markets. This will eventually be rectified. Yes there were also corruption problems in areas but this was more on the periphery than in the core economies. But we should remember that at the core of the Asian Miracle was and remains strong cultural values; the willingness to work hard, a respect for education and a feeling of shared goals. The trick for Asia will be to make the real structural changes needed without damaging the core cultural values. Henry

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