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economy of singapore Asian Crisis

There are many speculations about the causes of the Asian Crisis. From my
research I found out that there is quite a number of reasons for the Asian
currency crisis. There is a book called; The East Asian Miracle, which was
published by the World Bank. This book expressed the relationship between
government, the private sector, and the market. (See Hoover Digest 1998 No.3.
William McGurn. What went wrong?) The book talks about the economic bloom in
Southeast Asia. The East Asian countries borrowed a lot of money from the IMF
and World Bank and used it to create a better economy for themselves. I found
out that the following countries due to their reoccurrence during my research
experienced the bloom. The countries are as listed: South Korea, Indonesia, Hong
Kong, Thailand, Malaysia, The Philippines, Singapore and Taiwan. These countries
experienced a lot of growth, growth that even doubled the growth in the rest of
East Asia, and almost tripled the growth in Latin America. The economic miracle
started in South Korea, Hong Kong, Taiwan and Singapore then Malaysia, Thailand,
Indonesia and the Philippines. These countries achieved very remarkable rates of
growth and development. They built high quality manufacturing industries from
clothes to computers. (What went wrong? Hoover Digest 1998 No.3 William McGurn)
In the paper written by William McGurn "What went wrong?", he
explained that the people's minds in Asia only understood the word miracle and
the banks failed to recognize the risks and credits of the bloom. The banks also
failed to realize that they were only being used as policy arms by the
government. The only word that stuck in people's minds in Asia was the word
miracle. They therefor forgot the fundamentals, which could be easily
understood. William McGurn said that the countries that suffered the most in the
Asian economic crash were the countries that were heavily engaged in the state
planning. 'This in turn lead to all manners of extravagant claims about
"Asian Values" and the idea that western concepts such as competition
really didn't apply" (William McGurn. What went wrong?) On February 19,
1998 a group of Hoover fellows and invited experts assembled in the Hoover
institution to discuss the likely causes for the crisis. The discussion pulled a
very large crowd in to the Hoover Stauffer Auditorium to hear what the
well-recognized economists, political scientists and historians had to say. The
panel came to an agreement that the crisis that started in Asia was due to
excessive short-term borrowing, risky investments by banks and flawed government
policies that permitted such investments. (See Hoover Institution Newsletter
Spring 1998) From the article; "Why did it happen?", on this web site:
www.megastories.com/seasia/why/why.htm, I found out that Asia had been
experiencing a miracle for the past 30 years, but they are now suffering a
crisis. These economies are now experiencing collapsing currencies and depleting
stock markets. The Asian countries at first borrowed a lot of money from the IMF
and the World Bank and used it to invest in certain unprofitable ordeals. "
The problem was bad in Thailand, where a succession of weak governments had
allowed money to flood into unwanted skyscrapers rather than investing in roads
and telecommunications, and education." (Directly from the article)
"The unwise spending was the worst in South Korea where the entire economic
system was based on governments encouraging banks to make cheap loans to big
conglomerates for continued expansion regardless of world demand."
(Directly from article) They borrowed the money in US dollars thinking that they
would have no problems paying the debts off, because their currency's exchange
rates were pegged to the US dollar. They borrowed money in dollars because their
own currency's interest rates were too small. In the middle of 1995, the US
dollar started to rise against most of the world's other currencies. Because the
Asian exchange rates of local currencies were pegged to the US dollar they rose
with the US dollar. The rise in value led to the Asian countries decrease in
exports. Their exports became less demanded and competitive in the worlds
market. For the economies to come out of the crisis and return to their normal
sale of exports, they had three options. They would have to let go of the dollar
value, wait for the dollar to depreciate against other currencies or buy local
currency from the moneylenders. They couldn't wait for the dollar to depreciate
because they were unsure of how long it might take. At first the Asian countries
borrowed money from the IMF and World Bank ... more

economy of singapore

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Popluation Growth-too many peo

Saving Costa Rica
Costa Rica is an Eco-tourists paradise.  The country holds some of the most beautiful rainforests and rivers in the entire world.  The lush habitat of Costa Rica also supports some of the most expansive and diverse flora and fauna in the world. The area of Costa Rica contains over 1000 species of trees, 8000 species of flowering plants, 200 species of mammal, including the beautiful but elusive jaguar, and over 800 bird species, nearly one-tenth of the world's total species of birds (Burnie 25).
Tourism is Costa Ricas number one industry.  Last year, tourism brought in over 600 million dollars, which represents about 30% of Costa Ricas foreign earnings (Re-evaluating 21).  Seventy-six percent of all tourists visit Costa Ricas National parks, and the number of tourists visiting annually is increasing each year (Burnie 25).  Though revenues from tourism are increasing, many problems plague Costa Ricas environment, and inevitably the economy.
Costa Rica is currently rivaling Brazil for the highest deforestation rate (Frommer 24). Seventy-five years ago, three fourths of Costa Rica was covered by forest.  Today, only twenty percent of the nation retains its original forest cover (Dreshner 23).  Along with habitat destruction comes extinction.  According to the World Reasources Institutes report, Costa Rica is home to thirteen endangered birds, nine endangered mammals, and two endangered reptiles.  All of these animals are harmed by habitat loss, or the increase of foreign species that follow dramatic changes in the countryside (Rachoweiki 26).  Deforestation also causes erosion, which turns clear waters brown with the addition of mud and silt.  Costa Rica has some of the most beautiful rivers in the world.  In fact, the Rio Pacuare is called by three rafting magazines, The fifth most beautiful river in the world (Buckner 2).  Without its clear waters, the Rio Pacuare will not be able hold that status.
Every year, the Pacuare brings over 450,000 tourists to its waters (Buckner 4).  Almost all tourists experience the river by kayaking or rafting, and because the average rafting or kayaking trip costs 150 dollars, the Rio Pacuare is a huge environmental and economical asset to Costa Rica (Rachoweiki 158).  Currently the Rio Pacuare is under pressure.  A hydroelectric dam is to be built on the Pacuare.  In 1994 a plan was laid out to have the dam done by the end of the century.  Officially the dam is still to be built, but environmental opposition has slowed the process (Buckner 3).  Not only will the dam hurt the country economically; it will hurt it environmentally by denying certain animals access to the water and making living in the water inhospitable for many species of aquatic life.
Another problem facing Costa Rica is the pollution concern.  Costa Rica was once a nation with only one major city, San Jose.  All pollution came from San Jose, and the rest of the nation was left unpolluted.  Today, more and more industrial cities are forming, creating pollution all over the nation (Re-evaluating 21).  Pollution has already had devastating effects on Costa Ricas environment. Costa Ricas most visited park, Monteverde, has probably felt the effects of pollution the most.  Prior to 1989, Golden Toads hopped in abundance in the boundaries of Monteverde.  Monteverde was the only place in the world where Golden Toads could be seen.  Because Monteverde was the only location where the toads could be found and because they hopped around in such abundance, the Golden Toad became the mascot of Monteverde.  But then in 1989, no Golden Toads were seen.  No Golden Toads have ever been seen since 1989 (Davis, Solomen, Berg 828).  Scientists can only believe that the toads went extinct due to increased air pollution that killed the frogs as gas exchange occurred through their moist skin (Rachoweiki 234).  
Though pollution occurs throughout all of Costa Rica much of the pollution occurs on the coast, where large hotel chains are beginning to spring up.  These hotel chains not only put pollution and trash into the water, but they also harm endangered sea turtle populations.  The hotels have streetlights, entrance lights, and room lights, many of which must be left on all night long for the hotel chain to function (re-evaluating 21). ... more

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