Randall Peerenboom, China Modernizes: Threat to the West or Model for the Rest?

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University of Toronto St. George
Political Science
Lynette Ong

Ernie Tam 2011-09-27 Randall Peerenboom, China Modernizes: Threat to the West or Model for the Rest? • After the financial collapse in 1997 with Asian countries’ economies regressing, critics lashed back by stating that the EAM was definitely not here to stay. • The countries that followed the EAM were: Taiwan, Hong Kong, and Singapore. o The other countries such as Indonesia, Malaysia, Thailand, and the Philippines who did not follow the EAM ended up suffering as a result • China’s recovery from the crisis was done by their rejection of the International Financial Institution’s advice in how to handle the crisis. o Hong Kong continued t prop up currency with injection of billions of dollars. o Another example is South Korea opening its capital markets to foreign investors, improved stock markets, and privatized state run companies. • IMF blunders included: tight fiscal policies based on crisis intervention models. • The EAM was successful because of the values that Asian businesses had. o For examp
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