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Pimco's Mr El-Erian argues that the crisis has broken the spell of the "mystical Anglo-Saxon model of liberalisation and deregulation".
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It might in theory have been better to adopt a Chinese model of party-led economic liberalisation.
Except, a few months before that, the sclerotic, state-heavy continental model was doomed unless it followed fleet-footed Anglo-Saxon economies down the path of liberalisation.
"The fruit of liberalisation was overripe".
The government controls the pace of liberalisation.
It was the high noon of liberalisation.
The economic forces in favour of liberalisation remain strong.
During the 1990s, the talk was all of liberalisation.
Taipei jumped by 5.5% on the prospect of liberalisation of bank-shareholding.
Decades of talks and treaties have exhausted many of the easy targets of liberalisation.
Gaps in the prices of traded goods have become much smaller after many years of liberalisation.
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