Part 8/10:
The consequences of the Asian Financial Crisis were catastrophic. The economies of formerly thriving nations faltered as millions lost their jobs. Once-proud middle classes spiraled into poverty, and fears of hunger and social unrest swept through affected countries. It would take half a decade for nations like Thailand to regain levels of wealth they had enjoyed in 1996.
The peculiarities of the financial system, allied with neoliberal policies, meant that many nations were left vulnerable to deleterious capital flows triggered by speculators. As the crisis escalated, actors such as hedge fund manager George Soros profited from playing nations against one another, leaving sovereign countries unable to cope with the resulting economic distress.