Part 9/10:
Despite the clear indications of creeping disaster, little changed in the immediate aftermath of the crisis. Western financial leaders continued to operate under the assumption that the problems faced by their Asian counterparts were confined to "exotic" markets. By the time the global financial crisis of 2008 hit, economies around the world had to grapple with lessons that had seemingly gone unheeded.
In the wake of the 2008 crisis, the Western world shifted course, adopting approaches that leaned towards alleviating the harsh effects of austerity, in stark contrast to the punitive measures imposed on countries in crisis during the Asian downturn.