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The Economy in Perspective

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Rebooting Asia … History repeats itself in the Far East, having repeated itself not long ago in Latin America. Nations that seemed on a straight path of economic development have suddenly veered off, hurting their trading partners and inflicting tragedy on their citizens. What causes these calamities, and why do they seem to arise so suddenly? What can be done to cure or, better yet, prevent them? A general theory would be presumptuous, since each historical episode has its own context and nuances, but we can extract some common elements and lessons.

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 01, 07.01.1998.

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