They've been tumbling like dominoes - Thailand, Malaysia, Indonesia and South Korea. Each country is mired in financial crisis. In this hour of To the Best of Our Knowledge, what's behind the meltdown in Asia. Also, re-examining free market ideology and the government's role in the economy.
Daniel Yergin is co-author (with Joseph Stanislaw) of "The Commanding Heights." He tells Steve Paulson that the Asian economic miracle was largely built on speculation and cronyism; that the solution will be a mix of free markets and better regulation; and that Japan's economy could be the next to go. Also, journalist Patrick Smith has written "Japan: A Reinterpretation." He talks with Jim Fleming about Japan's economic problems which he says result from Japan's unnatural relationship with the United States since the end of WWII.SEGMENT 2:
Lillian Robinson is co-author (with Ryan Bishop) of "Night Market: Sexual Cultures and the Thai Economic Miracle." She tells Judith Strasser that mass tourism in Thailand is largely based on prostitution and the sex trade. She explains how the system works and why it is unlikely to change while there are international loans to be re-paid.SEGMENT 3:
Linguist, political anyalyst and dissident intellectual Noam Chomsky tells Steve Paulson that America has embraced the rhetoric of the free market but that there are vast government subsidies for business and that the public is paying for research and development used to generate profits for private concerns.Cassette copies are available at 1-800-747-7444. Ask for program number 98-02-01-A.
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