Globalization and the Asian Financial Crisis

The Asian financial crisis is one of the most serious currency crises to affect international markets since World War II. It has serious implications for the Asian approach to economic and political modernization, and it illustrates some of the possible consequences of the process of “globalization.” The purpose of this article is to analyze the reciprocal causal relationship between globalization and the Asian financial crisis. Thus we shall examine the crisis first as a dependent variable, or a possible effect, of globalization, among other possible causes; then we shall analyze the crisis as an independent variable, with an interest in understanding its impact on Asian political and economic affairs.