Asia: End Crony Capitalism

The $100 billion Asian bailout has just begun. If it succeeds, Asia will move to a higher stage of market democracy and reignite its high-octane economic growth. If it fails, Asia will stay stuck in its self-limiting command-economy capitalism. History is full of nations that failed to live up to their great potential: Argentina at the turn of the century, the Philippines before World War II, the Soviet Union in the 1950s, and, of course, China some 200 years ago.

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