This conclusion presents some closing thoughts on concepts discussed in preceding chapters of this book. The book resides within a now-flourishing broader stream of ideas at the interface between economics and sociology. It contributes more to a sophisticated understanding of particular markets than they do to the theory of the general market system. Market activity implies that buyers and sellers are 'brought together' across time and space and that transactions are consummated and recorded. During the 1990s, sociological investigation of markets has tended to abandon earlier concerns with the social effects of the operation of markets and to concentrate instead on the social processes by which markets are made. As with the new economic sociology, evolutionary economists are wedded to a more sophisticated notion of individual behaviour than that embedded in the idea of Olympian rationality.
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This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book presents the case studies of the individual countries: Thailand, Indonesia, South Korea and the People's Republic of China (PRC). It examines the factors behind the financial crisis and highlights the underlying similarities and the fundamental differences between the individual cases. The book provides a review of the competing perspectives on the new international financial architecture. It explains a number of fundamental issues and its implications for the emerging market economies. The book also presents a more nuanced picture of the International Monetary Fund's (IMF) policies and its socioeconomic impact. It assesses the IMF's efforts to reduce moral hazard. The book also examines the reasons behind Asia's remarkable economic recovery and the challenges that lie ahead.