Dealing with financial and industrial reform, defence policies, the Asian-Values debate, corruption and cronyism, as well as China, Japan, and intra-regional affairs, this text reflects on underlying trends to examine the possible paths to recovery. It suggests that recovery is by no means impossible or as difficult as it might at first have appeared. A text for students and researchers in Asian Studies, International Relations and International Political Economy, as well as policy-makers and professionals working in, or with, Pacific Asia.