The textbook makes the argument that the practice of crony capitalism kept the region of Southeast Asia from sliding deeper into recession during the 1997 financial crisis.

Question

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The 1997 financial crisis in Southeast Asia was exacerbated by practices associated with crony capitalism, such as lack of transparency and poor governance, which led to over-leveraging and speculative investments that were unsustainable.

The Textbook Makes the Argument That the Practice of Crony