The economic crisis in East Asia shows no sign of abating. Far from resolving the region’s problems, IMF ‘rescue’ measures have exacerbated their severity, contributing to an economic collapse which parallels in scale the Great Depression of 1929. Real wages have collapsed, remittances to poor rural areas have fallen, and access to basic services is deteriorating. Industry and agriculture alike have been crippled by a credit squeeze. The end result is that the welfare gains built up over three generations of rapid and equitable growth are being destroyed.
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