The financial collapse of 1997 which led to regional economic meltdown the following year exposed the link between financial sectors and macroeconomic performances of the troubled economies, and hence the revision of development models pursued by those economies. A distinction needs to be drawn between the crisis as the precipitating event or as the source of Asia’s extraordinary vulnerability
Ultimately Carr’s realist critique of utopianism is convincing because of the limitations of realism which he himself recognises and reconciles with his conception of utopia. The strength of realism lies in exposing the weakness of utopian thought. It is also noteworthy that realism and utopianism per se can be interpreted differently and the interplay between the two suggests that each has no absolute position.
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