Asia Emerges from Financial Crisis

Though the war in Vietnam ended in 1975, it would take more than three decades for the U.S. and Vietnam to start rebuilding its economic relationship. Richard Armitage, Secretary Chuck Hagel, Ambassador Ted Osius, Can Van Luc, Ambassador Nguyen Quoc Dzung, and Frank Jao discuss how the war and its aftermath influenced the U.S.-Vietnam diplomatic and economic relationship.

In the 1980s, Japanese companies were snapping up prime New York real estate and Japanese cars lined both Main Street and Wall Street, spiking economic anxiety in the U.S. As a result, Americans and politicians targeted the country, through the destruction of Japanese-made products and heavy tariffs.  Today, China finds itself in a similar situation.  Ambassador Carla Hills, Bill Reinsch, Craig Allen, Kim Menke, and Don Morrissey discuss the similarities and differences between the anti-Japanese sentiment of the 1980s and the anti-Chinese sentiment of today.

After decades of negotiations, promises to open its markets, and convincing the Chinese people of the country’s next step, China officially joined the World Trade Organization in 2001. Wendy Cutler, Ambassador Xiangchen Zhang, and Bill Reinsch discuss why China and the world wanted the country to join the WTO and why many have come to regret it.

The story of the 1997 Asian Financial Crisis continues in this episode. Hear the “Echonomics”’ guests discuss how the U.S., International Monetary Fund, and global organizations learned from the crisis and why it was, and still is, important to get to know Asia and its economies.

In 1997, Thailand’s currency collapsed, setting off a currency contagion that spread across Asia and threatened to take down several economies with it. Thitinan Pongsudhirak, Siwage Dharma Negara, Caroline Atkinson, and Paul Blustein discuss the origins of the crisis and the impact it had on markets across the region.

Introducing Echonomics, a narrative podcast that looks at how past economic events in Asia continue to impact U.S. policy today. Join us and hear how history reverberates onto today’s policy decisions and often repeats itself.