Keeping The Bad News At Bay
Why the difference? The short answer is reform. In today’s Asia, he who reforms grows. Asian economies share common problems. For two generations, China, South Korea and Japan funneled their financial resources into favored firms, mainly in heavy industry, and coddled those companies through cartels and protectionism. The 1997 crisis laid bare the results of this system–overcapacity, wasted money, insolvent firms, troubled banks and lack of funding for new, innovative firms....