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The
first thing to know about this wonderful
new book is that it is NOT just another
description of the Asian financial crisis
of the late 1990's. To be sure, Jayati Ghosh
and C.P. Chandrasekhar, both professors
at the Centre for Economic Studies and Planning
at Jawaharlal Nehru University in New Delhi,
discuss in some detail the specifics of
the financial crisis, and provide a great
deal of |
useful information about its evolution.
But Crisis as Conquest: Learning From East
Asia, is much more than that. It is an extraordinarily
stimulating attempt to expose the roots
of the financial crisis, not only in East
Asia, but also in other parts of the world
beset by this all too common disease. As
Ghosh and Chandrasekhar put it, "The
era of globalization is characterized by
a combination of slow growth and enhanced
volatility, because economies in both the
north and the south (have) come to be characterized
by an almost addictive dependence on capital
mobility (emphasis added)." (p. 106)
can do to kick the habit. As might be expected
in such an ambitious agenda for such a short
book, not all of these tasks are accomplished
equally well. And to be sure, as in the
real world of addiction where prescribing
and applying cures is the most difficult
task, prescribing solutions in the world
of capital mobility addiction is not at
all easy.
But this very well written book greatly
improves our understanding of the deep roots
of the mounting international financial
crises, often in quite surprising ways.
By accomplishing this job, it helps to clear
the way so we can make progress on developing
alternatives to the destructive structures
and policies that have made the Asian Financial
Crisis and its progeny possible and even
likely. |
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| March
17, 2002. |
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