IntroductionImagine that one day you went to the record store to buy a new compact disc with money you've been given for your birthday. You had $15.00 in your pocket and had been thinking for days of which CD you would buy. But what if, when you arrived at the store, you discovered that the price of the disc you wanted had gone from $15.00 to $30.00. Would you be disappointed? Of course you would. You couldn't afford to buy the CD now that the price had doubled. But this could never happen, could it?Well, something similar did happen in several Asian countries in the last months of 1997. Due to reasons completely out of any one person's control, the value of several Asian currencies dropped dramatically as compared to the United States dollar. The extent of the drop, and the speed in which it took place, have caused many people to call the event a "crash" with cartoonists drawing their currencies like the figure above. In this lesson we will examine the effects of this crisis on the economies of South Korea (where Pride of Baltimore II will be visiting in June), the United States, and Maryland. To continue with this lesson click the "Ahead" button below. |
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