The Asian Malaise: Vietnam Edition
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  • Kevin

    The 1997 crisis brought down several Asian governments. I wonder if the post -ideological Communist regimes like Vietnam and China will be resilient enough to weather the economic storms.

  • Mark

    It’s incorrect or incomplete to say that Vietnam is doing better than Thailand in 1997. Going by very simple growth metrics, yes, that is true, primarily because Thailand had an open capital account in 1997, and Vietnam does not in 2012. Aside from that, I don’t think anyone would trade Thailand’s prospects in 1997 for Vietnam’s prospects in 2012 primarily due to the deep structural faults in the economy, which can only be corrected by internal measures due to the country’s command-economy and closed capital account (it’s also inaccurate to say that Vietnam is a crony-capitalist system infused with a dash of Communism -the opposite is more likely true, a crony-communist state with a dash of market dynamics).

  • Luke Lea

    In China, the rich and powerful can hire body doubles to do their prison time for them

    There is speculation that Bo Xilai’s wife has already hired a double. You be the judge:

    Historically doubles were hired even for capital offenses: the victims used the money for their deperate families’ support.

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