ABSTRACT
The financial crises and subsequent recession that have affected most of the Pacific Asian economies sinceJuly 1997 have brought into question most of the established interpretation of the region's pattern of growth. This is particularly apparent with respect to the international agency neoliberal-based views of the region's development. At first sight the IMF conditionalities, public statements and the way they have been reported in the Western media appear to have strengthened the neoliberal position. However, this has involved a remarkable volte face. Almost overnight the Pacific Asian economies ceased to be a model for other Third World countries and became a warning of what not to do. This, by far the most abrupt and dramatic shift in the international agency views, combined with the increasing criticism of IMF prescriptions, is leading to serious questioning of the neoliberal approach.
