Turbulence in the world economy.

From: Monthly Review | Date: June 1, 1999| Author: McNally, David | Copyright information

The market crisis which plagued Asia and other Western economies in 1997 has created a negative connotation on globalization. Formerly considered a sign of growth and prosperity, globalization has recently been associated with stock market downfall and long-term financial turmoil.

"On July 2, 1997, the world changed. Bang. You had an earthquake in Thailand."

- Paul Summerville, chief economist, RBC Dominion Securities

Two years ago, the tectonic plates of th...

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