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Chiang Mai (literally, "new city") suffered badly in the 1997 Asian financial crisis as the Northern Thai real estate bubble collapsed along with the Thai baht, crushing dreams of a renaissance of Northern prosperity. Years later, the ruins of the excesses of the 1990s still stain the skyline. In Ghosts of the New City, Andrew Alan Johnson shows how the trauma of the crash, brought back vividly by the political crisis of 2006, haunts efforts to remake the city. For many Chiang Mai residents, new developments harbor the seeds of the crash, which manifest themselves in anxious stories of...

Chiang Mai (literally, "new city") suffered badly in the 1997 Asian financial crisis as the Northern Thai real estate bubble collapsed along with the Thai baht, crushing dreams of a renaissance of Northern prosperity. Years later, the ruins of the excesses of the 1990s still stain the skyline. In Ghosts of the New City, Andrew Alan Johnson shows how the trauma of the crash, brought back vividly by the political crisis of 2006, haunts efforts to remake the city. For many Chiang Mai residents, new developments harbor the seeds of the crash, which manifest themselves in anxious stories of...