Abstract
After thirty years of sustained growth, the four "Dragons" (Hong Kong, Singapore, South Korea, and Taiwan) and the "Tigers" (Thailand, Malaysia, Indonesia and the Philippines) have almost reached the economic performances of Western countries. Based on high savings, high investment rates, abundant exports, these "newly industrialized economies" (NIEs) represented the effectiveness of "Asian values", an original alternative to Western occidental market. Since communist China entered capitalism and began recording growth rates equal to or greater than its neighbors, Asia was becoming a key player in the global economy. The Asian crash of July 2, 1997 in Bangkok undermines the Asian miracle. It threatens the global economy rapidly as a whole, through a domino game that nothing seems to stop. After Southeast Asia, Russia and Brazil, will China and Japan resist so long? Once again, when a crisis erupts, we are looking for those responsible. Are the Asians responsible for their own wounds or are they the innocent victims of international speculation? Is the international financial community responsible for it and should it reform its organization? The first problem to solve is that of the context and the causes of the crisis.
