ABSTRACT
At the time of presenting this volume, East Asia ('East Asia' herein refers to East and Southeast Asia) has officially recovered from the crisis. Many countries of the region - and notably China - have returned to high economic growth rates. A closer examination, however, indicates that the systemic contradictions which unfolded in 1997 in the form of a financial crisis, regarding the regional economic order and the position of East Asia within the international regime, have not been adequately addressed. The post-crisis East Asia, and in general the international economic system, are far from reaching a condition of stability. At the same time, the long-standing effects of the economic turndown are still afflicting large parts of the population of East Asia - not only in the distressed Indonesia. Even in a recovery country like Thailand, for example, ordinary people whose economic activities were squeezed at a time of expected prosperity are now drowning in debts that they cannot pay back. And South Korean industry has alternated impressive upsurge and dismaying contractions.
