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The East Asian crisis has sparked debate regarding the future of emerging markets and the globalization of world capital markets. This study, with contributions by leading economists and political scientists, provides an assessment of the causes and consequences of the crisis and the policy lessons drawn from it. In contrast to much of the existing literature, the volume presents the view that the crisis and its aftermath were not simply the result of purely economic and financial phenomena but also the reflection of some fundamental institutional, historical and political forces.