was the free flow of foreign capital through "financial
liberalization" that led to the East Asian Crisis
of 1997, from which the "tiger economies"
have not yet recovered fully. Even now, the augmented
foreign reserves of these third world countries remain
woefully inadequate to finance debt to foreigners, as
the hegemony of international finance capital builds
over their own assets.
article was originally published in People's Democracy
on August 6, 2017.