Guest Commentary: Globalisation and Emerging Nations - Conceptualisation of the Asian Crisis

This article discusses the impact of 'the Asian Crisis' as explained within a globalising environment. Within this context, consequently, the Asian Cisis itself has been identified as part of the on-going globalisation process. This anicle begins by tracing the emergence of many East Asian nations in terms of their rapid economic growth and development, contrasts East Asian versus Western models of economic development, describes the evolution of Asian versus colonial economic institutions, and traces the rise ofthe Asian Tigers, Japan, ASEAN-4 and the People's Republic of China. It culminates with the events that ensued during the Asian Cisis of mid-1997 to 1998. Five "wild cards" or key factors, advocated to contibute to a resolution of this regional crisis are then discussed, The author concludes with a call to the international community to tackle the free flow of speculative investments, to determine the type and amount of acceptable foreign direct investment, and to determine the form of selective intervention that best suits an individual country development, to avoid economic instability and impoverishment. ABSTSAK Rencana ini membincangknn impak 'Krisis Asia'dalam konteks persekitaran globalisasi. Dalam hal ini, akibatnya, Krisis Asia ini boleh dikenal pasti sebagai sebahagian daripada proses globalisasi itu sendiri. Rencana ini bermula dengan menyingl