On the 2nd of July 1997, Asia was hit by one of the most devastating financial crises it has ever seen. Of all the financial crisis that have taken place, this was one of the most distressing in that it was totally unexpected. The purpose of this paper is to show that particular developmental strategies employed by these economies eventually led to their downfall. It will attempt to find out where the origins of the crisis …showed first 75 words of 1979 total…

…showed last 75 words of 1979 total…factors. In the end the over liberalisation of these economies, without sufficient controls led to one of the most dramatic crisis of all time. In response one can not help but wonder if capital mobility is more a need of the west than of the east. Underdeveloped countries need time to develop the institutional framework to handle this new form of Globalisation. Until then, they can not be fully integrated into the world capital market.