When economists clarify the monetary disaster that hit the “tiger economies” of Indonesia, Malaysia and South Korea, amongst others, in 1997, some attain for the time period “crony capitalism”. A comfy relationship between governments and companies distorted markets. The following foreign money crises could be blamed on shut ties between companies, banks and politicians, slightly than on panicky traders. Firms took extreme dangers, secure within the data that financial establishments have been designed for his or her profit. It was due to this rot that every little thing got here tumbling down.
