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The West Also Rises

LONDON: American and European capitalism is euphoric nowadays. By contrast, Asia's capitalists are glum. In 1996, New York's stock market broke all records, rising to greater heights since. The same in London, Frankfurt, Zurich and Paris. But in Tokyo, Taipei, Bangkok and Seoul, stock markets are gloomy. Japanese shares are worth half their 1990 prices. Even in Hong Kong, where shares recently hit new highs, they are only 10% above the peak of early 1994. In the same three year period, prices in Wall Street and Europe skyrocketed by 60% or more.