Social Impact of the Asian Financial Crisis

This volume presents a scholarly insider's perspective on the Asian economic crisis, examining the social, economic and political consequences of the crisis in six influential Asian economies: Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. Each chapter contains an analysis of the events leading up to and during the crisis, the social impacts and an assessment of possible futures for these countries. The contributors seek to ensure an integrated approach by which the process of economic change can be understood. The book reveals that professional workers in the urban financial sector, as well as manual labourers in the export sector felt the most dramatic effects. Impacts on the latter group resulted in a significant rise in the population living below the poverty line. The book emphasizes the previous absence of strong social security "nests" and the need to strengthen macroeconomic policies and institutional, legal, regulatory and supervisory structures. Other topics covered include intractable government corruption and fiscal management.