When economists clarify the monetary disaster that hit the “tiger economies” of Indonesia, Malaysia and South Korea, amongst others, in 1997, some attain for the time period “crony capitalism”. A comfy relationship between governments and companies distorted markets. The following foreign money crises might be blamed on shut ties between companies, banks and politicians, fairly than on panicky buyers. Firms took extreme dangers, protected within the data that financial establishments have been designed for his or her profit. It was due to this rot that all the pieces got here tumbling down.
