The East Asian Economic Crisis: Surging U.S. Imperialism?

The financial crisis that engulfed Asian countries in 1997-98 allowed the United States and the International Monetary Fund to attack the East Asian model of development. In return for needed aid, the IMF required the affected Asian countries to implement deregulatory, free-market "reforms" which exacerbated their economic crises and curtailed their economic sovereignty. These countries, including Japan, are resisting U.S. and IMF attempts to dismantle what has been a relatively successful model of economic development.