3. Rapid rise in income 4. Life-style changed, quality of life improved 5. Regional cooperation (APEC, PECC, AFTA) 6. Participatory democracy(sKorea, Taiwan, Philippines, Indonesia) sian financial crIsIs 97S. Korea. Thailand. Indonesia Peril of globalization Causes: 1. Liberalization without sufficient safeguards and control 2. Speculative investment, international agents(real estate, stock market) 3. Massive financial flows 4. Complacency and bureaucracy 5. Government-corporate collusion no check and balance(Zaibatsu, Chaebol) 6. Economic bubble (Japan 1991; elsewhere 1997) Future Challenges 1. Let africa and latin America catch 2. Asia has to restructure and re-engineer 3. Build more robust, responsible institutions 4. Minimize conflicts and contradictions 5. Evolve new governance structures 6. Attention to poor and deprived -policy and resources3 ◼ 3. Rapid rise in income ◼ 4. Life-style changed, quality of life improved ◼ 5. Regional cooperation (APEC, PECC, AFTA) ◼ 6. Participatory democracy (S. Korea, Taiwan, Philippines, Indonesia) Asian financial crisis 1997 S. Korea, Thailand, Indonesia Peril of globalization ◼ Causes: ◼ 1. Liberalization without sufficient safeguards and control ◼ 2. Speculative investment, international agents (real estate, stock market) ◼ 3. Massive financial flows ◼ 4. Complacency and bureaucracy ◼ 5. Government-corporate collusion no check and balance (Zaibatsu, Chaebol) ◼ 6. Economic bubble (Japan 1991; elsewhere 1997) Future Challenges 1. Let Africa and Latin America catch up 2. Asia has to restructure and re-engineer 3. Build more robust, responsible institutions 4. Minimize conflicts and contradictions 5. Evolve new governance structures 6. Attention to poor and deprived-policy and Resources