financial oligarchy refers to a monopoly capitalist or monopoly capitalist group that holds huge financial capital and actually controls the lifeline of the national economy and state power. Financial oligarchy is the real ruler of monopoly capitalism, structuralism or mainstream school, which has a large number of people, including not only experts, scholars, government officials and businessmen in most developed countries, but also most leading members of international institutions such as the International Monetary Fund (IMF), and even some governments and folk people in Asian countries.

this school mainly starts with structural analysis, and thinks that the basic reason for the Asian financial crisis is that there are serious structural problems in the political, economic, financial and industrial fields of these countries. For example, the relationship between the government and large enterprises is too close, the management and supervision system of banks is out of order, the borrowing and investment strategies of enterprises are wrong, cronyism and corruption are prevalent, and so on. Among them,

the "East Asian Model" which has been praised by the world has also been severely criticized

. They believe that although this model has obvious advantages in the initial stage of economic development, its inherent feature, that is, "government-led", has become an obstacle to economic development after a certain period of time. Because it is the government's

intervention that distorts the market mechanism, affects the rational allocation of resources,

aggravates the defects of various original internal structures, and finally prepares the necessary conditions for the

outbreak of the financial crisis.

According to the above analysis, the policy suggestions put forward by this faction to Asian countries are:

Abandon the Asian model and adopt the American model; At the same time, we should carry out various structural reforms, especially strictly limit the behavior and role of the government, vigorously reduce the government budget, and privatize state-owned banks and state-owned enterprises. The specific

structural reform plan was formulated by the IMF, and the governments of Thailand, South Korea, India, Indonesia and other countries are currently following it.

2. Marketism or liberalism

The number of people is small, mainly including some experts

scholars and government officials in developed countries.

the basic characteristics of this school are advocating market mechanism and free competition. In their

view, the foundation of Asian economy is sound. Although there are some defects and problems in these countries, they are not directly related to the outbreak of the financial crisis. Therefore, the focus of their analysis and explanation is that the outbreak of the financial crisis is actually the result of the market mechanism, especially the international financial market mechanism.

For example, some of them compare the power of the international financial market to

"atomic bomb", thinking that it is extremely powerful but moody: if the market

looks at a country's financial performance with approval, then the country's

economy will be stable and prosperous; If the market comes to the opposite conclusion, then this

country will be in disaster. For example, Latin American countries in the 198s, Mexico in 1994 and Asia last year.

According to this view, they put forward political

policy suggestions that are completely opposite to structuralism: whether the crisis breaks out or the economic recovery, it should be

natural, without human intervention. Therefore, they severely criticized IM

F's structural reform plan, and thought that it was actually equivalent to replacing the Asian government to implement new interventions in the economy, and the result would not only be of no help to the recovery of the Asian economy, but would certainly affect the role of the market mechanism. At the same time, they also pointed out

that although the IMF has provided tens of billions of dollars in emergency aid to Thailand, South Korea and Indonesia

, compared with the more than 2 trillion dollars flowing in the international financial market every day, it is only nine Niu Yi cents, and it does not help at all

. Some even suggested that the IMF should be dissolved.

3. Radicalism or new economic theory

has a small number, but its members are complex, including nationalist leaders like Mahathir in Asian countries, Marxist economists in developed countries, and experts and scholars who disagree with structuralism and marketism.

This school is characterized by emphasizing that the original

cause of the Asian financial crisis lies in the difference in economic strength between developing countries and developed countries, and the internal defects of the current international economic and financial system. At the same time, they demonstrated

the rationality and

necessity of the governments of weak countries to intervene and protect the national economy, and tried to put forward a unique development path. For example,

Malaysian Prime Minister Mahathir believes that the collapse of Asian currencies is the result of "artificial manipulation" by a few speculators. He also pointed out that because the < P > strength of international financial capital far exceeds that of developing countries, the latter can't even determine the exchange rate level of the domestic < P > currency. Anwar, his former deputy, also pointed out that the success of these "evil" speculative activities proved that there were serious defects in the international economic system.

It is worth noting that the views of these Asian leaders are not only supported by Marxist scholars in developed countries, but also endorsed by non-Marxist scholars and officials of some international economic institutions. For example,

an article in the Boston Globe pointed out that the Asian government's management of the economy

may limit the interests of some private enterprises,

but it is beneficial to protect the interests of society and the public. On the contrary, uncontrolled

greed will inevitably lead to injustice, and injustice will inevitably lead to social unrest and

turbulence. Stiglitz, vice president of the World Bank, also clearly pointed out that the reason of the Asian financial crisis

is not because of too much government intervention, but because of too little intervention.

For example, the necessary restrictions on foreign investment were lifted before a sound management framework was established.

He further pointed out that when criticizing Asian governments, many people forgot

a basic fact, that is, every loan should not only have a borrower, but also a lender.

Therefore, both sides are "jointly responsible" for the occurrence of the financial crisis.

from the above point of view, this first-class party has put forward different opinions on the

policy suggestions of structuralism and marketization. They believe that the views and propositions of the two factions are actually beneficial to the lenders in developed countries, but not to Asian countries. Therefore, their policy suggestions are to establish new international economic institutions, or to strengthen the functions of existing international institutions, so as to strictly manage and supervise the short-term international capital flows and prevent the Asian-style financial crisis from erupting again. Moreover, the Malaysian government has recently imposed < P > controls on foreign capital; The Hong Kong SAR government also entered the stock market and had a direct contest with international speculative capital.

To sum up, when we examine these three main schools respectively,

we can find that they all contain reasonable factors, because they all reveal the causes of the Asian financial crisis to a certain extent, and put forward countermeasures

suggestions. However, when we synthesize them, we can also find that there are many irreconcilable differences between the various factions.

Nevertheless, after more than a year of intense debate, the views of various factions have been

fully expounded, and there has also been a certain degree of understanding and closeness between them. For example, many experts, scholars and international institutions in developed countries have realized the great destructiveness brought by the free flow of short-term international capital, so they have criticized themselves for blaming Asia blindly. At the same time, the IMF

has gradually found that the structural reform plan formulated at the beginning is too simple and blunt, and has not

significantly improved the economic and social situation in Asia, so it is

ready to make adjustments. Similarly, after denouncing the "evil"

speculators in the West, Asian leaders calmed down and saw their own shortcomings. Therefore, in Asian countries such as South Korea and Thailand, newly elected leaders have started a campaign against corruption. At the same time, Soros himself, a famous international financier, frankly warned against blindly trusting the market mechanism, because it would not

automatically correct its excesses.

Of course, due to the different theoretical basis and different policy propositions of various schools,

so there is no consensus yet; Coupled with the spear shield of economic interests of all countries, many reasonable suggestions are still in the discussion stage.

Finally, I would like to point out that the impact of the Asian financial crisis has

spread to Japan, Russia, South Asia, South Africa and Latin America, and now it has

spread to the United States. Therefore, the above-mentioned theoretical schools are constantly supplementing new materials during the course of the debate, and their views and suggestions are constantly revised. From here, we can see that the Asian

financial crisis that broke out last year was not only "Asian" or "financial".

In essence, it was a crisis of the current international economic system and existing economic theories.

Therefore, this in-depth and lasting theoretical discussion is not only of great practical significance

, but also the ideological emancipation and possible theoretical breakthrough

. On July 2, 1997, the Asian financial turmoil swept through Thailand, and the Thai baht depreciated. Soon, the storm swept through Malaysia, Singapore, Japan and South Korea. Breaking the scene of rapid economic development in Asia. The economies of some Asian economic powers began to slump, and the political situation in some countries began to be chaotic.

So, what is the cause of the Asian financial turmoil?

After watching a series of reports about the Asian financial turmoil and my own research, I found the following reasons:

1. george soros's personal factors and a capitalist group that supported him;

1. the influence of American economic interests and policies;

13. The economic patterns of Asian countries lead to.

1. george soros's personal factors and a capitalist group that supports him:

"financial crocodile" and "an old wolf who dozes off" are the names for this financial geek. He once said, "In terms of financial operation, it is not moral or immoral, it is just an operation. Financial market does not belong to the category of morality, it is not immoral, and morality does not exist here at all, because it has its own rules of the game. I am a participant in the financial market. I will play this game according to the established rules. I will not violate these rules, so I don't feel guilty or responsible. Judging from the Asian financial turmoil, whether I speculate or not will not play any role in the occurrence of financial events. It will still happen if I don't hype it. I don't think it's immoral to speculate in foreign currency. On the other hand, I abide by the operating rules. I respect those rules and care about them. As a moral person who cares about them, I want to ensure that these rules are conducive to building a good society, so I advocate changing some rules. I think some rules need improvement. If improvement and improvement affect my own interests, I will still support it, because the rule that needs to be improved may be the reason for the incident. "

As we all know, Soros's hype about Thai baht was the fuse of the Asian financial turmoil. He is an absolutely powerful and capable financier, but it is obviously despicable to achieve his goal of obtaining huge capital by playing with the political power of Asian countries.

2. The influence of American economic interests and policies:

In p>1949, the founding of the New China foreshadowed the establishment of eastern bloc. The United States, as the number one power of capitalism, has a sense of crisis. He established a capitalist United front in the Asia-Pacific region through strong economic backing: South Korea, Japan, Taiwan Province and even Southeast Asia all became economic vassals of the United States. This has brought economic support to the rapid development of some Asian countries. In the 197s, the economies of some countries in Southeast Asia developed rapidly.

However, in 1991, the disintegration of the Soviet Union marked the disintegration of the socialist lineup. Of course, the United States did not allow the Asian economy to continue to develop like this, so it began to recover its economic losses. For Soros's behavior, he is conniving.

Third, the economic patterns of Asian countries lead to:

New Matai, Japan and South Korea are all export-oriented economies. They are highly dependent on the world market. The shake of Asian economy will inevitably lead to a situation that will affect the whole body. Take Thailand as an example, whether Thai baht should be bought or sold in the international market is not dominated by the government, and it does not have enough foreign exchange reserves. Faced with the speculation of financiers, the country's economy is vulnerable. The economy determines politics, so the political situation in Thailand is turbulent.

The Asian financial crisis has given me profound enlightenment

(1) The openness of a country's economy is based on its strong economic strength and stable political power. Only with strong economic strength and stable political power can we talk about real economic development.

(2) An economist can only promote social progress and development if he has a correct outlook on life and values, otherwise, he will not be a real economist and will hinder economic development.

(3) Only by improving comprehensive national strength can a country be in an invincible position.

2

In June p>1997, a financial crisis broke out in Asia, and the development process of this crisis was very complicated. By the end of 1998, it can be roughly divided into three stages: June to December 1997; January 1998 to July 1998; July 1998 to the end of the year.

the first stage: on July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement the floating exchange rate system, which triggered a financial storm throughout southeast Asia. On that day, the exchange rate of the Thai baht against the US dollar dropped by 17%, and the foreign exchange and other financial markets were in chaos. Under the influence of the fluctuation of Thai baht, Philippine peso, Indonesian rupiah and Malaysian ringgit have become the targets of international speculators. In August, Malaysia gave up its efforts to defend Ringgit. The Singapore dollar, which has always been strong, has also been hit. Although Indonesia was the latest country to be "infected", it was the most seriously affected. In late October, international speculators moved to Hong Kong, an international financial center, aiming at Hong Kong's linked exchange rate system. The Taiwan Province authorities suddenly abandoned the exchange rate of the new Taiwan dollar and depreciated by 3.46% a day, which increased the pressure on the Hong Kong dollar and the Hong Kong stock market. On October 23rd, the Hang Seng Index in Hong Kong dropped 1,211.47 points. On the 28th, it fell by 1,621.8 points, falling below the 9,-point mark. In the face of fierce attacks from international financial speculators, the Hong Kong SAR Government reiterated that it would not change the current exchange rate system, and the Hang Seng Index rose to 1, points. Then, in mid-November