Can the economy of a region go from miracle to meltdown in a few short months? As he traces the dramatic events of late 1997 and 1998 Robert Garran uses close, first-hand knowledge of Asia and its economies to show that the miracle was in many ways a myth. The 'tigers' of Asia had not discovered a unique secret for economic growth, and the breakneck speed of the boom led directly to its collapse.

The financial and economic crisis that started in Thailand in late 1997 quickly engulfed East and Southeast Asia, sending currencies, sharemarkets and real estate prices tumbling. Economics explains much of the rise, and the fall, but cultural and political factors add another dimension, one which this book explains and explores.

The Japanese model from which the tiger economies took their lead is put under searching analysis, and the domino effect is tracked through Thailand, Malaysia, and South Korea on to the disastrous collapse of the Indonesian economy. Vital too is the intriguing role of Hong Kong and the broader economy of China.