ABSTRACT
The Economist’s January 2009 special issue on Asia spells out the tenets of Western-centered free-market ideology, and blames Asian countries and their anti-market tendencies of under-consumption, export-oriented trade and yet-tobe-privatized property for the global financial crisis that began in fall 2008.1 A condescending, dissatisfied tone is evident throughout the issue. The Economist states that “Asian governments must introduce structural reforms that encourage people to spend and reduce the need for them to save. In China, farmers must be given reliable title to their land so that they can borrow money against it or sell it” (2009b); “It seems so unfair. Most Asian economies have been models of prudence. While American and European households were borrowing up to the hilt, Asian ones were tucking away their savings” (2009a: 75); and “Asia’s low rate of consumption and borrowing means that it has huge scope to make consumption the engine of growth over the next decade. In previous downturns, Asians were forced to take nasty medicine. Having to go out and spend would surely make a nice change” (ibid.: 77).
