Republics of South Korea and Malaysia underwent economic crises in 1997. Both recovered by 1999 by taking radically different approaches. This study reports the comparative study of the perception of the economic crises by the policy makers of these countries. It uses cognitive maps to discover and compare the perceptual structures of decision-makers. This study finds that the causes of the crises were perceived different and so were the strategies adopted to overcome them, but there was something common in the way of thinking of policy makers of respective countries. The cognitive maps contained feedback loops.
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