The Myth of Asia's Miracle

Krugman's article from 1994 is still timely and interesting. It was written during the era of the 'Rising Sun' and Japan buying up Hawaii and Rockefeller plaza. He notes the slowing growth of Japan, and accurately predicts that they would not be able to match the US in terms of per capita or real GDP. Though in my mind, the latter at least has more to do with their diminishing population and inability to absorb immigrants.

But I think the article's basic premise is wrong. The Asian miracle was and is real, and has little to do with the Soviet Union one way or another. The late 90's financial crisis, which in some ways was about problems with inputs/outputs was a blip in the scheme of the historical trajectory and actually in the end much more damaging - a last gasp - for the Western monopoly on power.

1'The Myth of Asia's Miracle - Foreign Affairs, Krugman