In the Wake of the East Asian Economic Crisis: Toward an Interdependent but Non-convergent Global System

Donald C. Hellmann here studies the political, societal and cultural forces that created the backdrop for the East Asian financial crisis. He presents three myths about the disaster, emphasizing that this event took place in the context of governmental and economic structures embedded in society and thus not easily modified. These myths include the idea that this region will not become the largest economic region in the next 25 years, that East Asian economies cannot continue to grow without Western-led structural change and that the existing economic and security multilateral institutions require only minor reform to face this new international order. He then goes on to argue that no international institution or world power has filled the new statesmanship vacuum of the post-Cold-War interregnum. A new global system will be necessary to face the challenges of this new balance of power.