The financial crisis in Asia, which first started in July 1997, affected many
countries in the region, including Thailand, Indonesia, Malaysia, Hong Kong,
South Korea and Singapore. While the currency in Singapore remained
relatively stable in relation to the US dollar, this was not the case in other
countries where currencies were devalued drastically overnight. Many countries
in the region were badly affected, but the government in Singapore was able to
hold its ground in steering the country away from the crisis (Low and Lim,
1999). This observation suggests that the crisis in Asia may not be caused by a
peculiar Asian style of management alone, as perceived by others in the West. If
this was really the case, the Singapore economy would also have nose-dived as
did economies of other neighbouring countries. The Asian style of management
is only one aspect of the issues to be considered in this multi-faceted economic
problem. It is also debatable if there is really an Asian management style, which
cannot be explained by Western management theories, and that this ``Asian
management style'' is the root cause of the economic crisis.