{"id":1847,"date":"2021-06-03T03:07:33","date_gmt":"2021-06-02T19:07:33","guid":{"rendered":"https:\/\/www.ukm.my\/jem\/?post_type=article&#038;p=1847"},"modified":"2021-09-09T12:31:53","modified_gmt":"2021-09-09T04:31:53","slug":"the-southeast-asian-financial-crisis-malaysia-rejects-economic-orthodoxy","status":"publish","type":"article","link":"https:\/\/www.ukm.my\/jem\/article\/the-southeast-asian-financial-crisis-malaysia-rejects-economic-orthodoxy\/","title":{"rendered":"The Southeast Asian Financial Crisis: Malaysia Rejects Economic Orthodoxy"},"content":{"rendered":"<p>Pinpointing the actual forces at work in the Asian Financial Crisis, especially politics and other non-market factors that contributed substantially to the loss of confidence, has not been easy. The causes of the crisis might be interpreted as either a failure of Asian capitalism, or alternatively a failure of market capitalism. The first interpretation obviously has a great deal of substance, and Malaysian economic institutions and public policy are not blameless &#8211; reckless over-expansion and credit growth, a pegged currency, political imbroglios, etc. Obviously, Malaysia needs to restore confidence in its financial institutions and practices. But Prime Minister Dr Mahathir Mohamad has rejected economic orthodoxy in favour of a more radical strategy. His dramatic gambit has some inetelectual legitimacy based an a revisionist movement in economics and may well herald what will be the &#8220;new architecture&#8221; of the international monetary system.<\/p>\n","protected":false},"template":"","tags":[],"jel-code":[],"article-type":[1329],"class_list":["entry","author-bader","post-1847","article","type-article","status-publish","article-type-normal-article"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/1847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/types\/article"}],"version-history":[{"count":4,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/1847\/revisions"}],"predecessor-version":[{"id":6508,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/1847\/revisions\/6508"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/media?parent=1847"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/tags?post=1847"},{"taxonomy":"jel-code","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/jel-code?post=1847"},{"taxonomy":"article-type","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article-type?post=1847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}