The article sets the Asian financial crisis in the context of the developmental state model of Asian development and sees it as, in part, the downside risk of a financial liberalization that was badly handled but nevertheless appropriate as a stimulus to better productivity performance. The East Asian economies are shown still to have a large labour productivity gap with the leading OECD countries and substantial scope for further rapid catch-up growth. Historical experience suggests that the policy response to the crisis is fundamental not only to immediate recovery prospects but also to realizing this remaining fast growth potential
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