All of this has raised some vexing questions. Does the dawn of the twenty-first
century foreordain the triumph of “neo-liberalism” and the demise of East Asian
developmentalism? Is an alternative set of models and ideas for national economic
management needed for East Asian countries to enter and excel in the age of
globalization? Would the “lost decade” of the 1980s in Latin America be duplicated in
East Asia?5 Could the East Asian NIEs re-engineer their governance model to fully globalization?