The earlier hubris, even conceit, following the apparent success of the 'East Asian Miracle' - the sustained rapid economic growth for several decades - has given way to a loss of confidence, and very importantly, an intellectual and policy surrender in recent years.
This has followed the 1997-98 East Asian debacle, which came several years after the disastrous 'Japanese Big Bang', also due to ill-considered financial liberalisation.
It is extremely important that we reflect upon and learn lessons from recent history in order that we do not commit the errors and mistakes of the past. A wise man once said that tragedy becomes farce when repeated, certainly something we can ill afford.
Let me move straight to discussing the East Asian Miracle, for which there are three competing explanations.