Wednesday, October 22, 2003

Krugman on Mahathir Mohamad:
"At that time, rather than accept the austerity programs recommended by the U.S. government and the I.M.F., he loudly blamed machinations by Western speculators, and imposed temporary controls on the outflow of capital — a step denounced by all but a handful of Western economists. As it turned out, his economic strategy was right: Malaysia suffered a shallower slump and achieved a quicker recovery than its neighbors."

He doesn't mention his position at the time. My first thought is that he was not one of that 'handful' but I don't want to make any assumptions.

update: Crooked Timber.

No comments: