China and the Development Setback in East Asia: Holding the Crisis at Bay?

Abstract

One should not underestimate the power of greed, for when it comes to it, even geniuses can be fools... We succumb to folly the moment we throw prudence and common sense to the wind. Zeal may be a virtue, but overzealousness is a vice
that springs from a simplistic mindset, which gives rise to the periodic pendulum Swings in economic policy. Whether it is blind faith in market-driven solutions or reverent belief in government as the sole arbiter on the production and distribution
of goods, both suffer from the naivite that there are simple prescriptions to complex societal problems.