The Agony of Reform 6th Hour

| Chapter 12: transmittance Engulfs Asia [7:13]| | | | | | | LAURA TYSON: Thailand is a very(prenominal) small parsimoniousness. It didnt meander a lot of links, and its non exactly in your backyard. So in any event, the U.S. chose non to intervene in Thailand, cerebration it was not going to disgorge over. Why would it? The contagion rear were not apparent to anybody, not just the administration. LEE HSIEN LOONG: I think they misjudged the situation. They misjudged the situation, probably because it was seen likewise much as a financial issue kind of than an overall strategic issue. fibber: Global securities industrys worried that opposite Asian countries might tie similar hidden flaws. exchangeable a classic close up on the bank, money began to pull back out of the entire region. They called it contagion. Onscreen fall in: $116 billion flowed out of southeastward Asian markets. DANIEL YERGIN: And at separately stage, the crisis turned out to call back a virulence that became love as contagion, much greater than anticipated. And what that really reflected was indeed world(prenominal)ization, was the means these economies had become locked together and investors looked at emerging markets. They said at that place was a task of work in Thailand; well, then theres a problem in these other countries. And so for each one step of the crisis created these wound waves that carried on into the next.

Onscreen supply: Kuala Lumpur, Malaysia, July 1997 teller: Contagion spread to Thailands neighbors. Malaysias economy had seemed stable. Suddenly, it, too, was lining relentless pressure from global markets. MAHATHIR BIN MOHAMAD: We have the gold going galvanic pile and down and down, and we have the extend market doing the same. The index kept on going down, no payoff what we do. And we felt up totally helpless. We felt that there was no management we could recover. So, I mean, the feeling was very bad, very frightening. Onscreen caption: Jakarta, Indonesia NARRATOR: Contagion next tear Indonesia, the most thickly colonised country in the region. Its government...If you call for to get a healthful essay, order it on our website: Ordercustompaper.com

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