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As witness to one of the world's great crises in recent times, academics and students, business people, national and international government analysts, policy makers and political leaders worldwide have been pre-occupied by an effort to adequately unravel or sufficiently understand the factors that have brought about the so-called Asian financial, currency or economic crisis and hopefully to find plausible cures or solutions to it. This book examines the impact of economic globalization in developing economies and it applies empirical studies of all of the major countries to theoretical perspectives on the crisis.
When costly efforts to cement a strategic partnership with the Soviet Union failed, the combined political pressure of economic crisis at home and imminent external threats posed by a Sino-Cambodian alliance compelled Hanoi to reverse course. Moving away from the Marxist-Leninist ideology that had prevailed during the last decade of the Cold War era, the Vietnamese government implemented broad doi moi ("renovation") reforms intended to create a peaceful regional environment for the country's integration into the global economy. In contrast to earlier studies, Path traces the moving target of these changing policy priorities, providing a vital addition to existing scholarship on asymmetric wartime decision-making and alliance formation among small states. The result uncovers how this critical period had lasting implications for the ways Vietnam continues to conduct itself on the global stage.
This collection of articles from a variety of scholars and economic specialists is particularly timely because Vietnam was such a late bloomer in the East Asian financial miracle of the early 1990s and thus did not suffer the same crisis as the rest of the region in 1997. Twelve contributions address the question of how Vietnam should pursue development of its own financial system, and through examinations of both the Asian economic crisis and the Vietnamese economy concludes that Vietnam may escape collapse in the short term, but should implement significant reforms if it wants to avoid difficulties in the future. Annotation copyrighted by Book News, Inc., Portland, OR
In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"—with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997–98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.
Transition economies allow the study of fundamental questions about the nature of markets. How do they arise and do they necessarily follow the same modus operandi as markets in other countries? How does the opening of the economy to global market influences affect the process of institutional change? And how in the context of an underdeveloped transitional economy like Vietnam, do such influences affect the prospects for sustainable and equitable development? This book focuses on the differentiated ways in which the double transition in Vietnam, from central planning and from under-development, affects various sectors of the population.
This book studies Vietnam's emergence as a major actor in Southeast Asian and global affairs. It focuses its analysis primarily on the period since 1995 when Vietnam became the seventh member of the Association of Southeast Asian Nations (ASEAN). The analysis considers the impact of the Asian financial crisis on Vietnam. The contributors explore the sea change in Vietnamese foreign policy that emerged in the late 1980s and early 1990s as Vietnam moved from dependency on the Soviet Union to a more balanced and multilateral set of external relations.
Thirty years of Ä?ổi Má»›i (economic renovation) reforms have catapulted Vietnam from the ranks of the world’s poorest countries to one of its great development success stories. Critical ingredients have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were successfully fused with the embrace of markets and the global economy. Economic growth since then has been rapid, stable, and inclusive, translating into strong welfare gains for the vast majority of the population. But three decades of success from reforms raises expectations for the future, as aptly captured in the Vietnamese constitution, which sets the goal of “a prosperous people and a strong, democratic, equitable, and civilized country.†? There is a firm aspiration that by 2035, Vietnam will be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. The Vietnam 2035 report, a joint undertaking of the Government of Vietnam and the World Bank Group, seeks to better comprehend the challenges and opportunities that lie ahead. It shows that the country’s aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability; promoting equity and social inclusion to develop a harmonious middle- class society; and enhancing the capacity and accountability of the state to establish a rule of law state and a democratic society. Vietnam 2035 further argues that the rapid growth needed to achieve the bold aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and build national technological and innovative capacity. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.
Between 1993 and 1997, Vietnam was one of the fastest growing economies, with GDP increasing almost 9 percent a year and the industrial sector expanding roughly 13 percent a year. This paper addresses the impact of that economic growth on employment.