Singapore – and by the second NIC generation – Indonesia, Thailand,
Malaysia – as of the 1970s. In spite of different dynamics of accumulation,
this model has generated extremely high levels of economic growth since
the end of 1970s, primarily in the largest urban centres.(2) Although its
economic performance was not affected by the strong worldwide recession
of the 1980s, it should be noted that this model was shaken up in 1997
during the so-called Asian crisis.(3)