Cleaning Up Asia's Bank Mess

The dominoes are beginning to fall in Asia, but not those envisioned during the cold war. The command-and-control economies that once gave Asia such high rates of growth are failing--choking on corruption, regulation, and bureaucratic inflexibility. The banking crisis sweeping the region, from China, Korea, and Japan in the North to Thailand and Indonesia in the South, highlights the need to move to a more market-oriented, transparent capitalism if fast growth is to resume.

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