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The '''1997 Asian financial crisis''' was a period of [[economic crisis]] in [[East Asia]] during the late 1990s caused by [[Imperial core|Western]] interference in regional economies. The crisis was caused by the economic liberalisation the West had pressured East Asian countries into which had resulted in a large inflow of [[capital]] into the economy leaving it vulnerable to the whims of the market and when this capital was later withdrawn, the region descended into crisis. The West, through the [[International Monetary Fund|IMF]], took advantage of the crisis to impose [[Neoliberalism|neoliberal]] reforms on the region, resulting in a worsening of the crisis and Western looting of Asian companies reminiscent of that which occurred in [[Eastern Europe]] following the [[Counterrevolutions of 1989]].<ref name=":1">{{Citation|author=A.B. Abrams|year=2023|title=Power and Primacy: A History of Western Intervention in the Asia-Pacific: 2023 Updated Edition|title-url=https://annas-archive.org/md5/6cdf83dae317226bb9d6b6993e959a2b|chapter=Economic War on Asia: Crushing the Region’s Rising
Economies}}</ref><ref>{{Citation|author=Rodney Bruce Hall|year=2003|title=The Discursive Demolition of the Asian Development Model|title-url=https://www.jstor.org/stable/3096077?read-now=1&seq=3#page_scan_tab_contents|page=71-99|series=International Studies Quarterly|volume=47, no.1}}</ref>

The crisis began in [[Kingdom of Thailand|Thailand]] and spread to [[Republic of Korea|South Korea]], [[Republic of Indonesia|Indonesia]], [[Malaysia]] and the [[Republic of the Philippines|Philippines]] with many other regional economies such as [[Japan]] also feeling the effects of the crisis. The economic funding provided by the IMF for relief was conditional on the complete neoliberal restructuring of these economies which was designed not to help recovery but to open up the markets to increased Western penetration. Notably the only country to deny IMF aid and its conditions, Malaysia, fared much better in the crisis than other countries by reimposing capital controls. Western intentions become obvious when its response to the crisis is compared to the very different responses Western institutions had to crisis' such as the [[Mexican peso crisis]] and the [[Global Financial Crisis]].<ref name=":1" /><ref name=":0">{{Citation|author=Naomi Klein|year=2007|title=The Shock Doctrine|title-url=https://archive.org/details/fp_Naomi_Klein-The_Shock_Doctrine/page/n265/mode/1up|chapter=Let It Burn: Th e Looting of Asia and "The Fall of a Second Berlin
Wall"|section=|page=|publisher=Metropolitan Books}}</ref>

== References ==
<references />
[[Category:Economic crises]]
[[Category:History of Asia]]

1997 Asian financial crisis - Revision history

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