Asia and the abyss

Dec 18th 1997|

AS 1997 draws towards a close, it is safe to say that the most important phenomenon of the year has been the financial turmoil in Asia. Some might cite instead Binyamin Netanyahu, Saddam Hussein, Deng Xiaoping, the Princess of Wales, Tony Blair, Dolly the sheep, even the Spice Girls: but in truth it is Asia's condition that has raised the most important questions, and could have the most far-reaching consequences. Is the turmoil a local issue or might it harm the rest of the world? Does it signify the failure of a particular economic or political ideology, which might thus hold lessons for others? And, most pressing of all: is the turmoil over?

This article appeared in the Leaders section of the print edition under the headline “Asia and the abyss”