Wednesday 06 Oct 2021 | 22:36 | SYDNEY
Wednesday 06 Oct 2021 | 22:36 | SYDNEY

Reader riposte: Forgetting Asia crisis

11 July 2012 15:10

On our Facebook page, Andrew Gaczol had this response to John Larkin's piece, 'Women locked out of Asia's boardrooms', which opened with the line 'Western economies can learn from Asia's resilience against financial crisis':

Asia's resilience against financial crises?!!!! Have we already forgotten 1997-98?

I think the world has a very short memory. In 1997-98, even Western leaders identified that there was more to the Asian economic crisis than just a bit of poor management - ie. that this was a systemic crisis. But we in the West thought that we were above it all because we didn't get hurt. Those chickens came home to roost in 2008 (and they are still with us). The Barclay's LIBOR controversy shows us that there is something fundamentally wrong with the current financial system but no-one seems to want to take it on.