When financial markets in the industrialized countries were less developed, as in the 19th
and early 20th centuries, they were beset by a series of financial crises and panics that were similar in many ways to the Asian crisis. In the absence of regulation and supervision, there were also larger numbers of Acrony capitalists,@ such as the robber barons in late the 19th century United States. These problems were addressed, slowly and painfully, by the creation of a series of institutions, such as the Federal Reserve system, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, modern bankruptcy laws, and more effective judicial systems, amongst others. After seventy years of developing these institutions, our financial systems are much more robust and far less prone to crisis than they once were, but are still far from perfect, as was seen recently with the Savings and Loan debacle (which displayed elements of Acrony capitalism@ as well as poor supervision). There were also banking sector failures throughout Europe and Japan in the late 1980s and early 1990s, and Japan=s banking weaknesses are of course still with us today. Taken in his light, perhaps crony capitalism in Asian could be more usefully seen as a failure of appropriate regulatory institutions, rather than a moral failing specific to Asia, as has been regularly implied during the past year.
When financial markets in the industrialized countries were less developed, as in the 19thand early 20th centuries, they were beset by a series of financial crises and panics that were similar in many ways to the Asian crisis. In the absence of regulation and supervision, there were also larger numbers of Acrony capitalists,@ such as the robber barons in late the 19th century United States. These problems were addressed, slowly and painfully, by the creation of a series of institutions, such as the Federal Reserve system, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, modern bankruptcy laws, and more effective judicial systems, amongst others. After seventy years of developing these institutions, our financial systems are much more robust and far less prone to crisis than they once were, but are still far from perfect, as was seen recently with the Savings and Loan debacle (which displayed elements of Acrony capitalism@ as well as poor supervision). There were also banking sector failures throughout Europe and Japan in the late 1980s and early 1990s, and Japan=s banking weaknesses are of course still with us today. Taken in his light, perhaps crony capitalism in Asian could be more usefully seen as a failure of appropriate regulatory institutions, rather than a moral failing specific to Asia, as has been regularly implied during the past year.
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