The History of the global financial crisis
of 1997-99 in Asia as
Hartford Web Publishing is not the author of the documents in
World History Archives and does not
presume to validate their accuracy or authenticity nor to release
See also the economic history of
S. Korea, etc.
The financial crisis in Southeast Asia
as a whole
The financial crisis in the world as
- Stock Market Plunge In Asia Worries Capitalists;
Thailand 'bailout' means austerity for workers
- By Naomi Craine, in the Militant, 15
- Asia the victim of a vicious financial cycle
- By Martin Khor, in South News, 28
November 1997. The globalization of Asian finance has caused it
to spin out of control, and so IMF more a cause than cure.
- 1998 - The year of living dangerously
- By Luc DeMaret, in ICFTU OnLine..., 8 December 1997.
In terms of industrial relations, will 1998 bring social
explosion or dialogue?
- U.S., IMF deepen crisis for Asian workers
- By Fred Goldstein, in Workers World,
25 December 1997. Effect of US finance capital's imperialist
policies on the Asian working class. MAI and the looming future
- IMF Bailouts: Familiar, Failed Medicine for Asian
- By Soren Ambrose, 2 January 1998. The structural adjustment model
needs to be reexamined.
- Migrants made the scapegoats of the crisis
- By Natacha David, in ICFTU OnLine..., 8 January 1998.
Thailand, Malaysia and South Korea.
- Asian panic set to travel
- By Terence Corcoran, Toronto Globe and Mail,
10 January 1998. International Monetary Fund chief Michel
Camdessus flies to Indonesia to explain to the people of all
Asia why they are being forced by the IMF to bear the burden of
a financial collapse that is not their doing.
- U.S. reads the riot act to Indonesia. Economic crisis
deepens: Suharto shoulders blame
- By Barrie Mckenna, Toronto Globe and Mail,
10 January 1998. U.S. President Bill Clinton and the International
Monetary Fund launch an emergency initiative to force Indonesia
to swallow its bitter economic medicine.
- IMF may be hurting, not helping, Asia
- Editorial from the Toronto Star, 12
January 1998. Predatory banking intensifes the Asian financial
crisis and victimizes Asian workers.
- Asian stocks, currencies thumped. Hong Kong shares drop
- By Marcus Gee, in The Globe and Mail,
13 January 1998. Peregrine's liquidation causes stock market
collapse and a new round of financial crisis. South Korean labor
and Indonesian politics.
- What happened to Asia?
- By Paul Krugman, 16 January 1998. A paper that attempts a theoretical
catchup after the unexpected severity and complexity of the financial
crisis starting in Thailand.
- 'Bailouts' Fail To Halt Crisis In Asia
- Imperialists can't collect loan payments as workers protest
austerity measures. By Maurice Williams, in the Now its Indonesia: U.S. mixes threats with promises
as crisis spreads
- By Fred Goldstein, in Workers World, 22
January 1998. Analysis of complex relation of IMF, Indonesian
finances, and US imperialism. Also re. South Korea.
- U.S., IMF force Asia to ax millions
- By Fred Goldstein, Workers World, 22
January 1998. US and IMF bankers force Indonesian and South Korean
governments to accept massive job losses in order to preserve
- Resolving the Asian currency crisis: IMF is not geared
adequately to help
- By Dr. Augustine H. H. Tan, in Straits Times
Forum, 23 January 1998.
- As capitalist Asia convulses: Is crisis regional or
- By Fred Goldstein, in Workers World,
29 January 1998. As the crisis spreads to Indonesia, South Korea
and India, question arises, is this simply part of a global crisis
of capitalist overproduction? In any case, the only effective
response can be working-class solidarity.
- Consumer groups call for right prescriptions to fight
problems. Programmes cause hardship to people
- By Tanida Sirorattanakul, in the Bangkok Post,
10 March 1998. Consumer organisations in the Asia-Pacific region
severely affected by the economic turmoil call on their governments
and the IMF and World Bank to review their prescriptions which
the organisations claim cause great hardship to middle-class
consumers in the region.
- Unemployment in Asia Alarms U.N.
- From IPS, 28 July 1998. Unemployment in Asia, triggered by the
ongoing financial crises in most of the region, is rising at an
alarming rate, says the United Nations.
- Crisis Promises More Pain for Workers
- By Prangtip Daorueng, IPS, 26 December 1998. Workers, many of them
used to decades of job security, face increasingly uncertain
times as the region's economic slowdown threatens to throw more
out of work in the coming months.
- Still Looking for Answers in Region's Meltdown
- By Satya Sivaraman, IPS, 2 August 1999. Two years after the Asian economic
crisis, the debate rages on the reasons. Sociologists and political
leaders gather at a conference in Bangkok and identify land reform,
human resource development and control over global capital flows as
- Women and children are the primary victims of the
Asian crisis says the ILO
- From ICFTU Online..., 11 October 1999. An ILO report by the
International Labour Office (ILO) will serve as the basis for
discussions at the regional consultation on the follow-up to the
UN's 4th World Women's Conference which has just closed in Manila.