Among the candidates to blame for starting the
emerging-markets crisis are leveraged hedge funds, foreign investorpanic, bad IMF advice, overvalued currencies and crony capitalism. A new scapegoat is the reckless Asian corporate, which overborrowed cheap dollars and expanded too fast: its bad risk management
scuppered entire economies. Isn't this latest thinking just a plot by the World Bank to impose laisser-faire capitalism on the whole world? Brian Caplen reports.