Volume 45, Number 2 · February 5, 1998
Asia: The Collapse and the Cure
By Lester C. Thurow
Economic collapses are an intrinsic part of capitalism. The names of the really big crashes ring down through history: Tulip Mania in Holland in the 1600s, the South Sea Bubble in Britain in the 1700s, the Great Crash of 1929 in America. More recently, in the 1990s, the Japanese bubble ended with stock prices down two thirds and property prices down 70 percent. Seven years later the stock market has yet to recover and property prices are still falling.
Feature, 7351 words
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