ABSTRACT
With the economic crisis in East Asia and a continuing boom in the US, American triumphalism is in the air. The latter is perhaps not unexpected and probably does no harm. But what is more questionable is the view held in the highest circles in the US Government and international financial organisations in Washington which causally links the so-called Asian model of capitalism to the economic and financial crisis which is currently engulfing the hitherto highly successful economies of East and South East Asia.
