ABSTRACT
Since mid-1997, most of the hitherto rapidly expanding economies of East and Southeast Asia have been brought down to different stages of economic recession and crisis; the possible exceptions being Taiwan, which continues to enjoy economic growth, and the People’s Republic of China (PRC), which is experiencing an economic slowdown not amounting to recession. Starting with the tumultuous devaluation of the Thai currency, the currency crisis spread to other Asian economies in quick succession, particularly those of South Korea, Indonesia and Malaysia. Until this point, the first impression of foreigners and the first expression for locals, of the benefits of rapid economic growth in these countries had been the same: sustained economic growth had translated into a rapid expansion of consumerism as part of daily life, as illustrated by the opening quote which describes a street-scene in pre-crisis Asia. Undoubtedly the economic crisis has now decreased the level of consumption throughout the region.
