Word: regionally
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Dates: during 1990-1999
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...will not be a pinprick." "No more pinpricks," echoed Marine General Anthony Zinni, who heads the U.S. Central Command in the gulf. The things that matter most to Saddam, Zinni suggested, are his Republican Guard forces and his command and control systems. During recent talks with leaders in the region, he said, they told him to "go after the things that matter most, the things that keep him in power...
East Asia's troubles rest in large part on the region's intricately developed system of crony capitalism, in which personal connections trump the rule of law or markets almost every time. "What now has to be addressed is reform of banking systems, the improvement of supervisory and regulatory functions of governments," says Robert Hormats, vice chairman of Goldman, Sachs International...
...fund's bailouts in Asia will be money down the drain unless its prescriptions become permanent reforms. For that the region will need strong political leaders who are willing to battle the alliance of bureaucrats, business and labor interests that benefited from the old system. Asian governments have been resisting the details in IMF rescues. The bailout of Indonesia has been slowed by the reluctance of officials to act against firms connected to the children of President Suharto...
Most took as their starting point the thesis that the region's comparative advantage over the West was its culture. We Westerners, you see, are too--how shall we put this?--liberal. We emphasize individual rights and initiative. Asians are more group oriented. Following the dictates of Confucius, they are willing to submerge their identities and desires into those of the collective. Most important, Asians have more respect for authority, especially that of an educated elite...
...Cheap money can make people do silly things. In the 1980s it led them to pay ridiculous prices for stocks and real estate, and the fever spread from Tokyo to Bangkok. But even after the Japanese bubble burst, the experts on the Asian model justified similar excesses around the region because we were on the cusp of the Asian Century, one of limitless growth. The vaunted technocrats thought--or perhaps hoped--that they could once more invoke the Asian model to wipe away the looming mess. Only recently have most governments admitted that there is no easy...