Unreformed, Unrefined, Unrepentant

The 1997-1998 Asian financial crisis seriously disrupted many economies in the Asia-Pacific region and impeded global economic growth. Governments and international institutions have since tried to draw lessons from that nightmare. In this article in The Economist, the author says that there is still much to be learned and dealt with, including Thailand's current problems with its taxation and legal system, debt issues in Indonesia and Singapore's dilemma over the legal fallout from the 1997 crisis. However, because of current economic boom in the region, says this article, governments have less incentive to carry out reforms that will address issues at the root of the crisis. The author urges leaders in the region to recognize the existing problems in their countries and be more enthusiastic about the necessary reforms. – YaleGlobal