The Asian Century?

I just stopped by Marketwatch to see what the Asian markets were doing and saw this video of Thailand. I think it's important to remember that Asia has had many chances over the decades to prove itself as a place where progressive economic change, democratic change and true capitalist reforms could take hold. To date, that has yet to happen. The closest transformation is Japan. Yet, even today Japan seemingly rejects free markets in many regards by weakening its citizen's wealth in favor of an export driven economy.

I've incessantly ranted about my concerns over China and emerging markets since starting this blog. For those of you who believe the next century is the Asian century, you might want to watch this short video highlighting the economic devastation that still looms over Thailand ten years after their crisis. Was Thailand in 1997-98 the equivalent of China today in terms of economic reform, transparency and capitalism? Without being an expert on the subject, I would say yes. To believe China, in its current form, can achieve what is generally believed is preposterous to me. Now, I hope I'm wrong but the reality is China is far from instituting the reforms necessary to achieve what is expected of it. This video should be a reminder of irrational exuberance and reliance of the China miracle.