Asian economic meltdown

Workers Struggles: Asia, Australia and the Pacific

24 January 2015

The World Socialist Web Site invites workers and other readers to contribute to this regular feature.

Global markets nervous about China’s mounting debt

By John Chan, 4 July 2011

There is deep fear that the huge debts, combined with the worsening financial turmoil in Europe, will unleash economic instability and working class unrest.

IMF report points to global economic fragility

By Nick Beams, 14 April 2011

While financial markets have been stabilised over the past two years due to massive inflows of government funds the threat of another meltdown is ever-present.

Japan disaster to intensify global economic contradictions

By Nick Beams, 18 March 2011

The Japanese earthquake disaster could well be the catalyst that sets off a new stage in the global financial breakdown that began with the collapse of Lehman Brothers in 2008.

Asia’s asset bubbles fuel global financial instability

By John Chan, 30 November 2009

China’s huge stimulus bank lending, combined with the US Federal Reserve Board’s loose monetary policy and US pressure on China to revalue the yuan to the US dollar, is fuelling East Asian property prices and creating new global financial instabilities.

One year since the start of the 'Asian meltdown'

Growing signs of world slump

By Nick Beams, 30 June 1998

When the Thai government announced its decision on July 2, 1997 to float the baht, it did not make major headlines in the world news media. There were reports of problems in the Thai economy but certainly no indication of the momentous events to come.

US intervention cannot halt Japan breakdown

By Nick Beams, 19 June 1998

One week ago Treasury Secretary Robert Rubin was telling the US Congress that no intervention would be undertaken to stop the fall in the Japanese yen. It was up to the government in Tokyo to take action, he insisted.

Recession hits Japan

What's behind global "economic schizophrenia"?

By Nick Beams, 16 June 1998

The world economy seems to be afflicted by a severe case of schizophrenia. On the one hand the United States, according to official accounts, is enjoying continued economic growth, low inflation, unprecedented wealth creation and falling unemployment. On the other, conditions in Japan, the world's second largest economic entity, are openly described as similar to the 1930s Depression.

Deflation, production cuts and currency turmoil

A sign of things to come

By Nick Beams, 2 June 1998

The last week in May was a bad one for world capitalism, and could well signal the start of many worse days to come.

The Asian crisis and world capitalism

A warning from Dr Greenspan

By Nick Beams, 26 May 1998

Testimony delivered last week to the US House of Representatives by Federal Reserve Board chief Alan Greenspan and Treasury Secretary Robert Rubin has highlighted growing fears in world financial circles that the Asian crisis, far from being over, is only just beginning.

Indonesia and the 'second wave' of the Asian meltdown

By Mike Head, 19 May 1998

Many international business commentators are referring to the Indonesian crisis as only the first eruption of the turmoil to be unleashed by the "second and third waves" of a financial meltdown.

Growing concern over the outlook for capitalism

By Nick Beams, 13 May 1998

When the present decade began the air was filled with noisy declamations that the capitalist market had triumphed, socialism was buried forever and Marxism had become a dead letter. The historian Francis Fukuyama even suggested that, with the collapse of the Soviet Union, history itself had come to an end. Society would now operate according to the unfettered and automatic laws of the market.

Australian SEP national secretary lectures at universities

A Marxist analysis of the Asian meltdown

By our reporter, 24 April 1998

More than 350 students, academics and workers attended lectures on the Asian economic meltdown and the global economic crisis of capitalism, delivered by Nick Beams, the national secretary of the Socialist Equality Party in Austrlia, over the past month.

Economic ministers gather in Washington

Confronting the mounting global financial crisis

By Nick Beams, 16 April 1998

When the finance ministers and leading economic officials of the 22 major capitalist countries gather at the Willard Hotel in Washington this Thursday, they will have more on their agenda than the immediate financial crisis in Asia.

Tensions mount as Asian fallout spreads

Tokyo rejects US demands on economy

By Mike Head, 24 March 1998

The meltdown of the East Asian economies, which has already plunged Japan into its worst recession since 1974, is reigniting fundamental economic and political antagonisms between Washington and Tokyo.

US leads attack on Japan at G-7 meeting

By Mike Head, 26 February 1998

The G-7 finance ministers, meeting in London last week, were unable to produce any plan to resolve the economic meltdown centred in East Asia.

China: Economy 'extraordinarily precarious'

By the Editorial Board, 23 January 1998

The collapse of the Hong Kong-based investment bank, Peregrine Investment Holdings, has underscored the shaky state of the financial system, both in Hong Kong and China as a whole. Peregrine, one of the largest investment houses in Asia, specialized in dealing in so-called "red chips"--shares from mainland China traded in Hong Kong.