ABSTRACT
Where not long ago the popular interpretation of East Asian success looked for explanations of the 'miracle' in terms of unique 'Asian values', after the financial crisis unleashed inJuly 1997 the region was condemned as the site of 'crony capitalism' and the miracle as a 'confidence trick'. Those who never were willing to accept that many Asian countries had achieved accelerated growth through constructive state intervention into their economies, in direct contradiction to neoliberal economic prescriptions, claimed vindication in light of the depth of the crisis that struck some of the region's best past performers, notably South Korea.
