The Shock Doctrine
Part 4, Chapter 13: Let It Burn
Links
José Piñera, “The Fall of a Second Berlin Wall,” October 1998
Link
José Piñera, chief architect of Chile’s privatized pension system under Pinochet, characterizes the Asian economic crisis as a “day of reckoning” for the “Asian Third Way”.
Link
José Piñera, chief architect of Chile’s privatized pension system under Pinochet, characterizes the Asian economic crisis as a “day of reckoning” for the “Asian Third Way”.
Morgan Stanley Strategist Calls for Deepening the Asian Economic Crisis, March 1998
Link
Morgan Stanley strategist Jay Pelosky asserts during the Asian economic crisis, “what we need now in Asia is more bad news.” The rationale for this prime example of the disaster capitalism complex is to compel countries to undertake unpopular conservative economic policies.
Link
Morgan Stanley strategist Jay Pelosky asserts during the Asian economic crisis, “what we need now in Asia is more bad news.” The rationale for this prime example of the disaster capitalism complex is to compel countries to undertake unpopular conservative economic policies.
“Taming the Tigers,” March 1999
Link
This report by Nicola Bullard, Walden Bello and Kamal Malhotra explores how the Asian economic crisis occurred in Thailand, Indonesia and South Korea, and assesses the IMF’s role in the Asian contagion.
Link
This report by Nicola Bullard, Walden Bello and Kamal Malhotra explores how the Asian economic crisis occurred in Thailand, Indonesia and South Korea, and assesses the IMF’s role in the Asian contagion.
Agreements with the International Monetary Fund, 1997
These agreements and letters of intent explain the economic reforms that Indonesia, Korea and Thailand must take in order to receive the IMF’s assistance.
Indonesia, letter of intent, September 1997
Korea, stand-by agreement, December 1997
Thailand, letter of intent, September 1997
These agreements and letters of intent explain the economic reforms that Indonesia, Korea and Thailand must take in order to receive the IMF’s assistance.
Indonesia, letter of intent, September 1997
Korea, stand-by agreement, December 1997
Thailand, letter of intent, September 1997
Interview with Stanley Fisher, May 2001
Link
Stanley Fischer admitted in this interview in 2001 that government spending in Malaysia, Korea, and Indonesia did not cause the economic meltdown. Fischer, who taught at the University of Chicago in the 1970s, led the talks for the IMF during the Asian economic crisis.
Link
Stanley Fischer admitted in this interview in 2001 that government spending in Malaysia, Korea, and Indonesia did not cause the economic meltdown. Fischer, who taught at the University of Chicago in the 1970s, led the talks for the IMF during the Asian economic crisis.
Documents
The largest cross border mergers and acquisitions from July 1997-March 1999
Link
This detailed chart documents 186 of the largest cross border mergers and acquisitions in Indonesia, Thailand, South Korea, Malaysia and the Philippines between July 1997 and March 199. The chart appears in the book Business Restructuring in Asia: Cross-Border M&As in the Crisis Period by James Xiaoning and Terutomo Ozawa, published by Copenhagen Business Press in 2001.
Link
This detailed chart documents 186 of the largest cross border mergers and acquisitions in Indonesia, Thailand, South Korea, Malaysia and the Philippines between July 1997 and March 199. The chart appears in the book Business Restructuring in Asia: Cross-Border M&As in the Crisis Period by James Xiaoning and Terutomo Ozawa, published by Copenhagen Business Press in 2001.
"The IMF and Recent Capital Account Crises: Indonesia, Korea, Brazil,” 2003
Link
The IMF’s own internal report, released in 2003, that concluded the IMF’s approach during the Asian economic crisis was “ill-advised.” The report also stated that the IMF’s reform program in Korea was “broader than seemed necessary.
Link
The IMF’s own internal report, released in 2003, that concluded the IMF’s approach during the Asian economic crisis was “ill-advised.” The report also stated that the IMF’s reform program in Korea was “broader than seemed necessary.
“The IMF and the Indonesian Crisis,” 2004
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An audit by the IMF’s Independent Evaluation Office criticizes the institution’s handling of the Asian crisis.
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An audit by the IMF’s Independent Evaluation Office criticizes the institution’s handling of the Asian crisis.
