Revistes Catalanes amb Accés Obert (RACO)

The Institutional Basis of East Asia's Economic Crises

Christopher Lingle


Restructuring and modernization of basic political institutions is the crucial key for longterm
recovery of East Asia's crisis economies. These steps are necessary to restore confidence
and allow for their economies to stabilize as the first step towards recovery. Then they must recapture or reengineer their respective competitive positions in the global economy. Long-term
competitiveness will require gains in overall productivity embodied in advanced technical systems and greater investments in human capital. Unfortunately, East Asia is lagging in these
areas. High prestige projects have given a false impression of widespread adoption of new technology that has actually been quite low for most of the region.

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