Lessons from the "Asian Flu"

What has been underlying the syntagms "Japanese challenge ", " Asian miracle " or " Seven Asian tigers " in the past thirty years or so ? There are a number of economic, sociological and political explanations of the phenomenon. In Asia, the systems of traditional values, modern market economy and state are successfully combined. Some forecasters predicted last year that the future growth of the Chinese economy at a constant rate of between 8 and 12 per cent a year, combined with the Japanese and the economies of the 7 South-East Asian tigers, would result in the complete dominance of Asian economies on the global market by the mid 21st century. This is a prologue to this crisis