November 21, 2002
The Asia-Pacific region and East Asia, in particular, are today in the throes of fundamental changes and transition. Like the rest of the world, East Asia has been affected by the trends of globalization and liberalization, which are leaving profound effects on the region. In addition, East Asia has been severely affected by the Asian crisis of 1997-98, which seems to have changed the foundations of East Asian societies, even more so than just globalization alone. The East Asian transition has thus been more profound and dramatic than elsewhere in the Asia-Pacific region.