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In 1982 when you looked at the numbers you couldn't tell that Korea would do better than Latin American countries during the debt crisis, but of course Korea was so much more capable of taking hard, dramatic action. I suspect that China is more like that in terms of the political system and the determination of the team when they see things coming.
Remember [the 1989] Tiananmen [Massacre] was politically awful but that was the period in which they dealt with inflation - they just dealt with it.