How Asia's Economic Miracle Collapsed
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Asian Values Devalued - Is Malaysia's campaign for democracy going backwards? Subscribe to Journeyman for news and science reports every weekday: http://www.youtube.com/journeymanpictures.html For downloads and more information visit: http://www.journeyman.tv/?lid=65112 From the skyscrapers of Hong Kong to the ransacked streets of Jakarta, the Asian Renaissance is over. From the skyscrapers of Hong Kong to the ransacked streets of Jakarta, the Asian Renaissance is over. Construction has stopped, unemployment has risen, food prices and inflation have soared. Throughout the 90's the whole region pursued unchecked economic growth and first world status. But Asia's economic miracle was built on a shaky foundation. Behind the massive expansion lurked political values from the Middle Ages. The World Bank President sums the boom up: 'it had over-lending, corruption, cronyism, banks lending to its shareholders. Now, there's a comeuppance.' Indonesia's financial ruin was the catalyst for its social collapse. Suharto stands accused of plundering the nation's wealth, crushing those who protested. He ignored the extent of his country's economic crisis, and continued to reward his children and swarms of sycophants with unjust riches. But recent weeks saw Indonesians send their ruler a powerful message: the old values don't count. Almost like lightening, the world's second longest dictator stood down. Is Prime Minister Mahatir of neighbouring Malaysia making the same mistakes as Suharto? The economic crisis has ruffled Mahatir's feathers too. In power for 16 years, he is also known for corruption, cronyism and nepotism. Before the crash Suharto's family wealth was put at US$6 billion. Mahatir's three sons are directors of at least 200 companies. Both leaders made no secret of their 'crony capitalism': the best deals went to the government's best friends. Mahatir calls that 'the duty of government'. Both countries have put development above all other concerns. Indonesia's frenetic logging of the Borneo rainforest caused the terrible forest fires that raged there. Mahatir was furious when forced to abandon his scheme to flood ancient Sarawak rainforest by building the Bakun damn. The crisis in Indonesia made ethnic Chinese the target of resentful attacks. In Malaysia, the nervous Chinese have been scapegoats before. Malaysia's Deputy Prime Minister Anwar Ibrahim is tipped for the top. In the spirit of the changing Asian values he concedes 'We've got to be more democratic. The younger generation would like to see greater transparency, and tolerance'. Indonesia's new President Habibie is now releasing political prisoners and promising an end to corruption. But as a child of the old system, it remains to be seen whether he is really the right man for the job. The excesses of the ruling Indonesian elite devalued as fast as the rupiah. Other countries in the region are still suffering the same economic turmoil, but have not yet seen such momentous political change. 'My pay's been cut, my tears now fill my car... I took years to buy it and it's being repossessed!' croons a Thai pop-star. Across the region the poor are getting poorer. The Tiger economies were forged with the sweat of cheap labour. As work dries up and food runs out, will the people's anger erupt elsewhere? In these most turbulent times, we ask whether Indonesia's powerful winds of change are set to blow across the whole of Asia. ABC Australia: Ref 424 Journeyman Pictures is your independent source for the world's most powerful films, exploring the burning issues of today. We represent stories from the world's top producers, with brand new content coming in all the time. On our channel you'll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.
Comments
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Journeyman, why do you keep doing this to youtubers? Post the date the documentaries are made, in the title, not when its posted. Otherwise its called misleading the audience.
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Say what you want but Tun Mahathir was a genius,am I happy to have grown up during his time...24.47 mins Malaysia's 2 fingers to the world !!!! Hell yeh. US elections is the most corrupt democratic practice in the world.
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I can see how jealous are westerners when they look at Asian economic miracle. Now many Asian countries are leadres in many fields (telecommunication, IT, automotive industry, shipbuilding). Some of them (for example Mainland China and Taiwan) didn't suffer from 1997 crisis at all, while other nations (South Korea, Thailand, Malaysia, Indonesia) quickly recovered. Compare 1 year of crisis in South Korea with 7 years of crisis in southern Europe. In fact, Far East in an engine of global economy and the most innovative region of the world. Currently Japan, South Korea, Taiwan, HK and Singapore are among countries of world's highest HDI. Singapore has higher GDP per capita than Norway and HK has higher GDP per capita than Switzerland and USA.
P.S. The 1997 crisis was nothing in compare to EARTHQUAKE in 2008 caused by corrupted western financial system. -
Stop using usd ...use precious metal instead
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9:23
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a lot of faggots in these comments.
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well, i don't mind outdated documentary as i think it is good for learning history. but please put the exact date of the documentary clearly so it would not lead to misunderstanding.
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I have unsubscribed this channel. It has too much delay......
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a 17 year old documentary? no thank you
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What is the use of releasing a 10 year old documentary in Jan 2015, but not bothering to inform us that this is a 10 year old documentary?
Actually, what is the motivation?
In fact you proudly declare "Journeyman Pictures is your independent source for the world's most powerful films, exploring the burning issues of today"
You said "TODAY", not 10 years ago !
So, what is the situation today? -
From my point of view are not in mainstream, but after crisis and velvet revolution actually nothing change. Currency devaluating throughout region, people and manufacturing sector go to wall, or bankrupt. Poverty and desperation only grow, from crisis mostly come winner big shark of western financial world and in some extent local tycoons. Dollar remains hegemony and full spectrum dominance throughout the world. Because money is power, rich people have big leverage, market power. Some cases are grey propaganda approach- half truth, half lie. Its best way to manipulating with people mind, making right opinion or right angle to situation. Some case use crowd philology tactics. In one management book I read, that people not understanding what really happening, but how she or he percept reality from own experience, education or national background etc. Actually remain geopolitical status quo or balance as US, UK global player and heavy weight in int. and financial relationship. Mostly financial leverage, military leverage are often use as violent tools. In one joke about IMF: IMF is like a woman- need to hear what she say, but need to do opposite. In some degree is right. Because in economy is so called saving paradox. Its mean more spending cuts and saving in different level cause not prosperity, but opposite trend. Also after different revolution, crisis- devaluated national currency, but democracy rule of law, justice and order are diminishing. Freedom of speech in some case use as tool to make richer richer and poorer poorer. Example Ukraine, Iraq, Libya etc.
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Wow. A 1998 doco on the Asian currency crisis which saw turbulent times in SE Asian economies. Meanwhile China was just getting warmed up. Asia economic miracle collapsed indeed.
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This is pretty old and outdated at this point.
38m 20sLenght
55Rating