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The Asian Crisis

Consider Thailand in 1997. The economy, one of the so-called “Asian tigers,” had been growing at more than 8 percent a year, giving the nation an air of hope, satisfaction, and strong development. Skyscrapers were being built and golf courses laid out, and a rising middle class was eagerly spending baht—the nation's currency—for luxury goods and automobiles. Property values rose rapidly.

Thais were confident that they could mirror the success of Japan, an Asian power that had gone from the ruin of war to the world's creditor nation in four decades.


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