Asian governments need to face up to realities. Perhaps they can live without American and European consumers for four or five years, but thriving beyond that requires more buoyant and self-supporting domestic economies. Also, if you are going to hitch your fortunes to another economy -- say, China’s -- it would be better not to choose a developing one whose growth model may have run its course. The test, as it was in 1994, will be what Asia does now to modernize its economies.
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