The East Asian crisis and the globalization discourse.

This paper examines the implications of the 1997 East Asian crisis for the globalization discourse in the context of three issues: the reversibility of globalization, the role of the state in economic activity, and institutional deficits, domestic and supranational, to manage the burgeoning volumes of cross-border economic exchanges. It focuses on Thailand, Malaysia, Indonesia, and South Korea – the countries most severely affected by the 1997 crisis. It concludes that: (1) globalization is potentially reversible in some issue areas, provided there is the political will to do so; (2) states continue to matter in economic activity; (3) the new system of global commerce and finance must ensure accountability at various levels without undermining the democratic bases of the polity. [ABSTRACT FROM AUTHOR]