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d Thailand. Anyway, damage was greatest in the utility and construction sectors, while the computer-related sectors experienced the least damages.

Meanwhile, the number of people entering the informal sector has increased, and in case of South Korea, the homeless literally over-flooded the street corners of the big cities. The trend of moving into the informal sector was immense. That applies to the workforce in urban and rural area. In contrast to that, the increase in Thailand accounted for 1.9% only. In the years before the crisis in 1997, the workforce in the urban areas was actually leaving the informal sector. For instance, the annual growth rate before the crisis accounted for 2.9% in Indonesia. This stands in clear in contrast to the years of 1997 and 1998, during which the rate accounted for 10.3% (Feridhanusetyawan, Stahl, & Toner, 2001: 518).

Besides that, an even bigger influence than the average rate of employment on the East Asian region evolved from a decline in wages, as seen on table 4.12. While the employees in the largest corporations with stable internal labor market were suffered relatively less than those in the small and middle companies, the real wages almost in all areas were widely cut down. In this perspective, globalization and computerization of society, which grow violently all around the world, might be thought as the Pandora's box. And the only things we can do is just expecting the there won't be another crisis anytime soon until we can prepare thoroughly for another “rainy days”.

V. CONCLUSIONS AND SUGGESTIONS 结论和建议

5.1 Conclusion
While most East Asian people had been enjoying the accelerated economic growth for more than some decades, the only future they could imagine was the path toward the so- called Shangri-la, to eternal growth. But in 1997 and in 1998, they should face the financial crisis just before their own eyes. In a sense, the East Asian financial crisis in 1997 appears at first to be a financial surprise. From our data provided is leading us to the conclusion that it is right that East Asian countries were extremely depending on western accrual of capital. A fall in export growth as well as high foreign debt and deteriorating of the current account position set in motion a process towards financial collapse. However, it would be wrong to label the “Asian values” and, along with it, the Asian business practices as totally inferior. In this paper we illustrated the causes and effects of the crisis in 1997 and 1998 from the economic perspectives, while the East Asian developing countries set course towards globalization. This is connected with the restructuring of capitalism around the world and the computerization of societies in the “new times”.

Happening around the world, such as the occurrence of SARS (Severe Acute Respiratory Syndrome) and the bird flu, or even this East Asian financial crisis, can have an influence and a cause and effect on the economy internally and externally, for example on the food or travel industry and labor market around the world. This is so because of the interlinked nature of globalization. A more international market based economy for sure is bearing some risks, as we can see for our study about globalization and the labor market in East Asia. However, since globalization is to transform the world in a way we still not clearly understand, and since there is a tendency from t