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But meanwhile Thailand started forging ahead at remarkable speed. and from the

middle 1980s to the middle of the 1990s. Thailand seemed to be leading the race of economic
growth in the world. But Thailand's cultural background is Buddhist rather than Confucian.
Japan too has had much Buddhism in its past (as has China as well as Korea). More recently
still. to add to the cacophony. the large economy of India has started to move forward rather
rapidly. calling for further revision of the grand cultural explanation. Ambitious cultural
theory of economic success may be forever trailing the changing reality of the manifest world.

I think we should look nor for formulaic explanations from monumental cultural
theses. but for more mundane understanding in terms of the realities of economic and social

policy pursued by each country. along with some associated and rather lower key role of
emerging values related to the market culture and to other priorities that may emerge. In
dealing with the challenges of the present and the future. the values that may become impor-
tant will certainly include not just traditional norms of the market economy. but also a
concern for equity and environmental sustainability. We should not have to go back two
millennia or more in search of such all purpose magnificence as Asian Values.

The success of the market economy in the world has. thus. been based on the use
of multiple institutions and varying norms of behaviour. The working of the market economy
has been systematically supplemented by public support of education. health care. land re-
form. and so on.

Asian Economic Crisis and Problems of Security
I turn now from Asian successes to the recent Asian economic crisis and its
continuing problems. If East and South-East Asia was so successful in its multi institutional

approach to growth and development. why did it have such a huge crisis. with so many people
going through such desperate misery? What went wrong. and why did the multi institution
formula implicitly in use not save them from these terrible problems?

The answer lies. I think. in the neglect of certain types of institutions. including
those that provide economic and social security on the one hand. and financial and business
transparency. on the other. Going beyond that into political arrangements for social living the

absence of democracy in some of these countries has also been a major deficiency. These
institutional lacunae reinforce each other and also contribute to valuational weaknesses. both
in accountability and in the commitment to provide .social support against severly adverse
predicament.

Divided We Fall
Even though differrent groups can all benefit simultaneously when rapid progress
is occurring (and the interests of the different groups appear to be quite congruent). neverthe-