Asia and the Global Crisis: The Industrial Dimension

by OECD Organisation for Economic Co-operation and Development

The financial aspects of the developments that unfolded in East Asia two years ago have been debated extensively, but the role played by industry and industry policies has been little touched upon. In this report, the OECD explodes the myth of conspiracy and evil design, showing that well-intentioned and previously successful economic policies put the Asian economies at risk. The report further shows that the Asian breakdown had far-reaching structural global implications extending beyond the financial sphere. Learning the lessons from the crisis will be important for continued recovery in Asia, and may be crucial for reducing the risk of similar crashes in the future. The OECD argues that far-reaching industry-related reforms are needed to accompany the measures being taken to address the financial aspects of the crisis.

145 pages, Paperback

First published August 24, 1999

About the author

The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members.

In 1948, the OECD originated as the Organisation for European Economic Co-operation (OEEC), led by Robert Marjolin of France, to help administer the Marshall Plan (which was rejected by the Soviet Union and its satellite states). This would be achieved by allocating American financial aid and implementing economic programs for the reconstruction of Europe after World War II. (Similar reconstruction aid was sent to the war-torn Republic of China and post-war Korea, but not under the name "Marshall Plan".)

In 1961, the OEEC was reformed into the Organisation for Economic Co-operation and Development by the Convention on the Organisation for Economic Co-operation and Development and membership was extended to non-European states. Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.

The OECD's headquarters are at the Château de la Muette in Paris, France. The OECD is funded by contributions from member states at varying rates.