GLOBALISATION AND EXCLUSION/41such as Malaysia, Indonesia, Thailand and the Philippines - often
described as four 'dragons' following in the footsteps of the four
'tigers' (South Korea, Taiwan, Hong Kong and Singapore) - did
experience real economic growth, but it was highly dependent on
the multinationals, low-cost exports and chronic external debt. These
countries are essentially suppliers of cheap labour (Salama and
Tissier, 1982); they are not set to develop autonomously along South
Korean lines. South Korea itself has been thrown off course by the
recent crisis, and at the end of 1997, had to accept an adjustment
package dictated by its competitors in charge of the IMF. The
unfolding crisis in the four 'tigers' - especially in South Korea - is an
opportunity for the main industrialised countries and their MNCs to
take a chunk out of their overly obtrusive South Korean competition.
As for most of Africa, Central America and the Caribbean, most of
South America and South Asia, there can be no mistaking their
increased marginalisation.
Three Regional Blocs within the Triad
Each Triad has its own regional bloc.
The US-Canada-Mexico Bloc
Established by the North American Free Trade Agreement that came
into effect on 1 January 1994, this bloc is clearly dominated by the
United States - which also seems to have successfully reimposed its
political and military world supremacy. This has gone in tandem with
real economic recovery. The dollar remains the main reserve
currency and the currency of choice for international transactions.
The world's central banks still hold about 60 per cent of their liquidity
in dollars (de Brunhoff, 1996). This affords the US the luxury of
shifting onto others a significant part of its public debts and trade
deficits. Mexico is obviously the weak link in the chain that holds the
NAFTA bloc together. The 1994 economic crisis enormously
increased Mexico's subordination to the US. The best symbol for this
state of affairs is that, since January 1995, Mexican oil revenues have
been used as collateral for the payment of the country's external debt.
A US judge can decide to freeze Mexican oil revenues in a bank
account if Mexico is unable to meet its foreign debt obligations.