The Way Ahead

ARTICLE - A Commentary by Thomas C. Dawson, Director, External Relations Department, International Monetary Fund, Far Eastern Economic Review, 25 July.

A recent trip to East Asia provided me a welcome break from United States headlines of crony capitalism, lack of transparency, collapsing asset values and large current-account deficits. What a difference five years makes. The resilience of the U.S. economy now is being tested as East Asia's was back in July 1997. That crisis tested the

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