The recent downturn in the Asian economies has been blamed on many different factors. In this work, Michael Backman analyzes a number of dubious business practices that are endemic in the region and which he believes have played a significant part in Asia's downfall. Among the problems he identifies are cronyism, a corrupt business media, inadequate legal protection, questionable business practices by the big six accounting firms in Asia, and political patronage (including a revealing account of the Lippo Group's donations to Bill Clinton's campaign funds). He concludes with a discussion of whether Asia has learnt its lesson and an assessment of how far recent legislation will go to wipe out corruption.