the Third Generation Crisis Theories and the 1997/8 Asian Crisis

In respect to the crisis theories, the 1997/8 Asian crisis phenomenon is a turning point. The Asian crisis; first is the big occurrence of crisis which has been experienced since 1929 crisis in both developping and developped countries, and second which couldn’t have been explained by the traditional (canonical) crisis theories. No-one couldn’t have expected that the crisis would occure in the previous year also. Because of these its characteristics, the Asia’s crisis has gotten strong the need of new perspectives and has triggered the researches in this respect. Third generation crisis theories are the result of this need for new approach and researches, and they can be shortly stated as “the theories which have appeared, become more strong since Asian crisis, and target to explain the Asian crisis”. It is occused on third generation crisis theories in our article. In first section, the frame of the third generation theories were generally reviewed. In second section, the matter of “why first and second generation crisis theories can’t explain the East Asian crisis” was scrutinized. In third section, it was struggled to classify the third generation crisis theories. In fourth section, the fundemantal characteristics of third generation crisis theories were taken place. Fifth section contains some conclusions arrived at.