Contemporary Southeast Asia, December 1st, 2000
Financial globalization in the 1990s effectively dismantled the Asian developmental state and forced East Asia to search for a new political economy model. The paradigm shift in world economic development from state-driven planning to market-driven management has taken place since the late 1980s in Northeast Asia, spreading to Southeast Asia in the 1990s. The access to global capital markets by Asian corporations, both parastatal and private, has effectively reduced their dependency on the state for financial resources. In fact, the Asian developmental state and financial globalization are i...
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