AMERICANIZING ASIA

Many observers of the Asian financial crisis have been tempted to decl are the victory of American-style capitalism. Just as the fall of the Berlin Wall in 1989 vindicated America's political model-liberal democ racy-so the collapse of Asia's markets in 1997 proved the wisdom of Am erica's economic model-free-market capitalism. But it is presumptuous to think that the crisis foretells Asian acceptance of American ways. The facts are far more complex. The Asian economies best able to withs tand the present crisis may be those with more political freedom, but the real key may be competent government. East Asia is changing, but i t is not Americanizing.