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AN EAST ASIAN FINANCIAL CRISIS MADE IN THE US
According to recent reports in the New York Times, 'Washington's policies ... fostered vulnerabilities that were an underlying cause of the economic crisis that began in Thailand in July 1997, rippled through Asia and Russia and is now shaking Brazil and Latin America'. The policies included pushing hard for financial liberalisation and freer capital flows.
By Hardev Kaur
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February 1999
Is the United States' obsession with market liberalisation the cause for the on-going currency and financial crisis? It would appear to be so, going by the statements of various US officials as reported in the New York Times in mid-February.
The articles - the work of 10 correspondents reporting from eight countries over five months - according to a columnist based in Tokyo revealed 'the ruthless way in which the US Administration has pursued its agenda of prising open financial markets in Asia and elsewhere'.
While there may have been......

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